The House Ways and Means Committee, chaired by U.S. Rep. Paul Ryan (R-WI), today will zero in on another set of bills to make certain “temporary” tax provisions permanent.
Doing so would assist hardworking Americans – with professions from teachers to restaurant and shop owners – by eliminating the troubling and confusing cloud of uncertainty, improving their quality of life.
“Under our current (broken) tax system, Congress lurches from year to year by renewing so-called “tax extenders,” Ryan said in a blog post. “This annual practice creates uncertainty and confusion, which takes a toll on everyday Americans and costs jobs. That’s why throughout this year the House has sought to provide more certainty by making many of these ‘extenders’ permanent law. No more year-end drama. No more writing tax law one year at a time. Just the predictability that families and employers deserve.”
To that end, the committee plans to mark up H.R. 2940, the Educator Tax Relief Act of 2015, sponsored by Rep. Dave Reichert (R-WA), which would make permanent the above-the-line deduction for classroom expenses of schoolteachers, many of whom pay for supplies and learning tools for their students out of their own pocket.; and H.R. 765, the Restaurant and Retail Jobs and Growth Act, sponsored by Rep. Mike Kelly (R-PA), which would make permanent the 15-year depreciation schedule for leasehold improvements, restaurant improvements and new construction, and retail improvements.
Also being considered by the committee today are: H.R. 2510, a bill sponsored by Rep. Pat Tiberi (R-OH) to amend the Internal Revenue Code of 1986 to modify and make the 50-percent bonus depreciation permanent; H.R. 961, a bill to amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income, sponsored by Rep. Tiberi; and H.R. 1430, the Permanent CFC Look-Through Act of 2015, sponsored by Rep. Boustany (R-LA), which would help U.S. companies operating internationally to function in an efficient manner without worrying about negative U.S. tax consequences.
“It’s clear that we need to fix our broken tax system from top to bottom—for families, individuals, and businesses,” Ryan continued. ”In the meantime, it’s important to remove needless uncertainty so businesses can focus on creating jobs and workers have some tax predictability moving forward.”