U.S. Rep. Larry Bucshon (R-IN) praised the tax extender package that passed through the House last week, permanently extending critical tax cuts for Indiana families and businesses.
A two year delay of the 2.3 percent excise tax levied on medical devices to help pay for the Affordable Care Act was also included in the legislation.
“Despite disingenuous claims by some who opposed this legislation to fight for tax increases, maintaining current tax policy by renewing these tax breaks, like we do every year, does not increase the deficit,” Bucshon said. “This important legislation has significant policy wins that make life easier for Hoosier families who are trying to plan for the future. It delays the medical device tax that is hampering life-saving innovation and permanently extends a provision that helps farmers and small businesses plan large expenditures on equipment so they can invest in our local communities. Most importantly, it keeps more money in the pockets of taxpayers and away from bureaucrats in Washington, D.C.”
The legislation makes permanent the additional child tax credit while extending tax-free distributions from individual retirement plans for charitable purposes, and extends and modifies the research credit and increases expensing limitations and treatment of certain real property as section 179 property.
Additionally, the legislation extends the above-the-line deduction for qualified tuition and related expenses, extends the mine rescue team training credit and extends the election to expense mine safety equipment.
For the first time, the tax extender package also extends the educator tax deduction permanently to provide educators nationwide with relief for out-of-pocket expenses on classroom supplies and professional development.