[[{"fid":"339","view_mode":"full","fields":{"format":"full","field_file_image_alt_text[und][0][value]":"","field_file_image_title_text[und][0][value]":""},"type":"media","attributes":{"style":"float: right; height: 136px; width: 400px;","class":"media-element file-full"}}]]Washington D.C.—Congressman Darin LaHood (IL-18) voted today in favor of the Protecting Americans from Tax Hikes (PATH) Act. This common sense legislation protects hard working families, farmers and small business owners from end of the year tax increases and provides them with more certainty when doing their taxes. This legislation will allow the residents of the 18th Congressional district to keep more of their hard earned money rather than sending it to Washington, D.C. This bi-partisan bill passed the House of Representatives 318 – 108.
“The PATH Act is a perfect example of the House of Representatives working together to provide more certainty for individuals and businesses by preventing a significant tax increase on millions of hard working families and farmers. Additionally, this bill will help grow our economy by delivering direct tax relief to America’s job creators, providing businesses certainty in the tax code plan, hire employees, and grow their businesses.” LaHood stated. “Furthermore, we have a current tax code broken and no one can understand. This bill will serve as a catalyst for comprehensive tax reform leading into next year—something America is in dire need of.”
In addition to the two and five year extension of multiple tax provisions, this legislation provides a permanent extension of the following policies:
- R&D credit – Provides businesses, like many here in Central & West Central Illinois, an incentive to invest in research and development which drives innovation and creates jobs of the future.
- Code section 179 expensing – Allows for immediate expensing, particularly helpful to 18th District farmers and for small businesses who invest in new property and equipment, making larger purchases more cost effective by allowing them to be deducted from their taxes over a shorter period of time.
- State and local sales tax deduction – allows individuals who itemize their deductions to deduct state and local sales taxes in lieu of state and local income taxes.
- Charitable Tax Policies – Includes the ability for individuals 70 ½ years and older to exclude, for tax purposes, qualified charitable distributions from an IRA account up to $100,000.
“The Illinois Farm Bureau thanks Rep. LaHood for casting a vote that moves us closer to accomplishing one of our longstanding priorities, permanent, inflation-adjusted Section 179 small business expensing,” added Illinois Farm Bureau president, Richard Guebert, added. “This bill will make permanent several key tax provisions for agriculture and ends the annual cycle of uncertainty that stifles economic growth. The five-year extension of bonus depreciation, and extension of biofuels tax credits will no doubt create and support jobs in Illinois.”
Further, the PATH Act includes a series of reforms that have previously passed the House designed to rein in the power of the IRS. This includes prohibiting IRS employees from using personal e-mail accounts for official business, requiring IRS employees to respect the taxpayer bill of rights and allows for the termination of IRS employees who take politically motivated actions against taxpayers.
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Congressman Darin LaHood proudly serves the constituents of Illinois’ 18th Congressional District, consisting of more than 710,000 constituents across 19 counties throughout Central and West-Central Illinois. Darin was born and raised in Central Illinois and currently resides in the Peoria area with his wife, Kristen, and their three children.
To schedule an interview with Congressman LaHood, please contact J.D. Dalfonso at j.dalfonso@mail.house.gov or at (309) 231-5859
