Rep. Veasey Votes in Favor of Tax Extenders Package

Press Release

Today, Congressman Marc Veasey, TX-33, voted in favor of H.R. 5771, the Tax Increase Prevention Act of 2014, a bill that would renew approximately 50 tax benefits that expired at the end of 2013 or during 2014.

"While today's legislation is not perfect, it is imperative that we offer some form of certainty to individuals and businesses as they begin the process of filing their taxes for 2014," said Veasey. "I am hopeful that we will move forward in the next Congress to enact comprehensive tax reform and pass long-term tax policies that help grow our economy and help individuals succeed."

A key provision in the bill is a tax deduction for state and local sales tax. As residents of Texas do not pay income tax, if this key deduction is not renewed, some Texans will see their share of federal taxes increase significantly. According to the Pew Charitable Trust, nearly 1 in 5 Texans utilized the tax provision last year. In addition, the Texas state comptroller stated that Texas residents run the risk of owing an additional $1.2 billion to the IRS in April if Congress fails to act.

H.R. 5771 included a number of tax extenders to help low- and middle-class families including:

Extension of the deduction for teacher expenses
Extension of portions of the mortgage interest deduction
Extension of the deduction for qualified tuition expenses
Extension of the New Markets tax credit
Extension of the Work Opportunity tax credit
Extension of the energy-efficient new homes credit
Extension of the wind energy credit

Congressman Veasey has been an advocate in protecting the state's economy. In January 2014, Congressman Veasey signed onto a bi-partisan letter to ensure that the House of Representatives extended the sales tax deduction as part of any tax extenders package.

Source