Renacci says tax extenders are critical for small business

U.S. Rep. Jim Renacci (R-Ohio) says extending the tax breaks that expired in 2013 is essential to give businesses the certainty and predictability they need to hire and grow.

After that, he says, it’s time for permanent fixes.

“While the goal is long-term, permanent reform of our overly burdensome tax system, we must work together now to agree on an extension of critical tax provisions to open the door to much-needed growth,” Renacci said. “Our small businesses are depending on it.”

The tax extenders under consideration include a group of more than 50 expired tax breaks not in effect for the 2014 tax year. Congress is considering which to renew as part of its year-end budget deliberations before it’s too late for 2014 tax filing.

As a former business owner himself, Renacci says uncertainty in Washington D.C. makes it difficult to plan year-to-year.

“One of the best examples of Washington-born unpredictability is the frequent expiration and extension of long-established and highly utilized tax policies,” Renacci said. “Families and employers are uncertain of which tax benefits they will be able to utilize from year to year, making it impossible to plan for what they will owe or how much they can invest.”