Today, Congressman Henry Cuellar (D-TX28) voted in favor of a tax package that restores more than four dozen tax cuts and prevents a burdensome tax increase on the business community and millions of American families.  The tax package includes an extension of research and development tax incentives, small business expensing, and tuition tax credits, among others. 

“As our economy continues to recover from the worst recession since the Great Depression, businesses, taxpayers, and American families would face short-term harm and instability if these tax cuts were not extended,” said Congressman Cuellar.  “These cuts will provide certainty to businesses across the county and in Texas, including farmers, ranchers, the industrial sector, and many others for the coming year.  While I would have preferred to vote on a package that would provide long-term certainty to the American people, today’s legislation is a strong step in the right direction.”

HR 5771, the Tax Increase Prevention Act of 2014, received support from the U.S. Chamber of Commerce, the National Association of Realtors, the National Association of Manufacturing, and the American Farm Bureau Federation, among others.  The bill would allow businesses and individuals to claim those tax breaks on their 2014 tax returns. 

A full summary of the provision may be accessed here on Congressman Cuellar’s website.