Congressman Shuler Votes to Extend Tax Relief to Families and Businesses   

Congressman Heath Shuler (D-Waynesville) voted yesterday for H.R. 4213, legislation that extends current tax relief to middle class families and businesses as a way to spur job growth. The legislation package extends research and development tax credits used by nearly 11,000 corporations, property tax relief for up to 30 million homeowners, and college tuition tax deductions for about 4.5 million families.
“These tax credits have provided a financial boost to small businesses and American families, and not extending them through 2010 would cause undue harm during an already difficult economic time,” said Congressman Shuler. “This legislation, among other things, helps maintain tax deductions for much-needed charitable giving.  As we approach the Christmas season, it is important to me that contributions to charities are encouraged.”
For middle class families, the bill extends tax deductions for qualified college tuition and real property taxes.  It maintains tax breaks for classroom materials purchased by teachers, up to $250.  The bill continues tax credits for businesses that participate in environmental remediation, as well as relief for alternative fuel and hybrid vehicles. Tax credits are also extended for businesses that continue to pay their National Guard and Reserve employees when they are called up to serve.
By a 241 to 181 vote, the House approved the Tax Extenders Act of 2009 that continues many current tax breaks through 2010. The bill’s cost of roughly $31 billion will be offset by provisions that will end preferential tax treatment previously given to investment fund managers and by cracking down on offshore tax havens.
“Making sure that these tax cuts were paid for was essential.  These tax breaks can help grow our economy while not adding to our already enormous federal deficit,” Congressman Shuler said.