Griffin Works to Provide Certainty to Taxpayers

Press Release

Congressman Tim Griffin (AR-02), a member of the Ways and Means Committee, released the following statement after the committee considered six bills to permanently extend important provisions and implement reforms in our tax code:

"Permanently extending some tax provisions that have been temporarily extended year after year is an important step toward comprehensive tax reform. As these bills simplify our tax code and provide certainty to taxpayers, they also expand Americans' opportunities to make charitable contributions, ensure conservation easements that will help hunters and farmers in Arkansas and encourage more capital investment in America's businesses. I will keep working to reform our tax code to boost economic growth and help America grow good-paying jobs. We've made great progress on these bills in committee today, and I look forward to seeing these important provisions enacted."

Rep. Griffin is an original cosponsor of H.R. 4718, which permanently extends a provision, commonly called bonus depreciation, that allows businesses to immediately deduct 50 percent of qualified purchased property. This bill also expands the definition of qualified property to include owner-occupied retail stores and lifts restrictions to allow for more unused corporate alternative minimum tax credits, which businesses can claim in lieu of bonus depreciation, to be used for capital investment.

Rep. Griffin is an original cosponsor of H.R. 2807, which permanently extends the deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes.

Rep. Griffin is a cosponsor of H.R. 4719, which permanently extends the deduction for charitable contributions of food inventory.

Below is a breakdown of the six bills and for more information, click here.

H.R. 2807: Conservation Easement Incentive Act of 2013 (Sponsored by Jim Gerlach, R-Pa.)

- To permanently extend the deduction for charitable contributions by individuals and corporations of real property interests for conservation purposes.

H.R. 4619: To amend the Internal Revenue Code of 1986 to make permanent the rule allowing certain tax-free distributions from individual retirement accounts for charitable purposes (Sponsored by Aaron Schock, R-Ill.)

- Would make permanent the rule allowing some tax-free distributions from IRAs for charitable purposes.

H.R. 4719: To amend the Internal Revenue Code of 1986 to permanently extend and expand the charitable deduction for contributions of food inventory (Sponsored by Tom Reed, R-N.Y.)

- Would permanently extend the deduction for charitable contributions of food inventory.

H.R. 3134: Charitable Giving Extension Act (Sponsored by Mike Kelly, R-Pa.)

- Would allow individuals' charitable contributions made between the end of the tax year and the tax return due date to be treated as being made during the tax year.

H.R. 4691: To amend the Internal Revenue Code of 1986 to modify the tax rate for excise tax on investment income of private foundations (Sponsored by Erik Paulsen, R-Minn.)

- Would modify the tax rate for excise tax on investment income of private foundations.

H.R. 4718: To amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation (Sponsored by Patrick J. Tiberi, R-Ohio)

- Would permanently extend a provision, commonly called bonus depreciation, that allows businesses to immediately deduct 50 percent of qualified purchased property.

- Expand the definition of qualified property to include owner-occupied retail stores

- Lifts restrictions to allow for more unused corporate alternative minimum tax credits, which businesses can claim in lieu of bonus depreciation, to be used for capital investment.

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