Comstock Votes for Tax Relief to Aid Middle Class Families and Stimulate Economic Growth
Washington, DC - Congresswoman Barbara Comstock (VA-10) released the following statement after the House passed the Protecting Americans from Tax Hikes Act, or the PATH Act, by a bipartisan vote of 318 to 109:
“Northern Virginia is an incubator for technology and innovation. The tax relief legislation we passed today makes the critical Research and Development Tax Credit (which I cosponsored) permanent. This legislation brings much needed certainty to Northern Virginia’s technology community and other innovative businesses. This 21st Century tax provision will allow our start-ups and businesses to plan long-term strategies and make investments to keep them on the cutting edge of their respective fields. This will help grow our local economy and create good-paying jobs.
“This important legislation also makes charitable deductions permanent, delays for two years Obamacare’s harmful Medical Device Tax, and maintains the current tax treatment of generous employer healthcare plans. It prevents tax increases on millions of American families by making permanent the Child Tax Credit, the Earned Income Tax Credit, and the American Opportunity Tax Credit, the latter of which provides relief for college tuition expenses. This measure also helps our small businesses by providing deductions for state and local taxes and modifying and making permanent Section 179, the expensing of business-related purchases.
“In the wake of a number of scandals at the Internal Revenue Service, the bill places commonsense restrictions on the IRS by removing the IRS’s ability to selectively apply certain provisions of the tax code. As a whole, this legislation cuts taxes by more than $600 billion, keeps more money in the hands of hard-working families, and allows for private-sector job growth. Finally, this legislation puts Congress on a path toward rewriting our broken tax code.”