NTU Urges Congress to Cut Taxes, Rein in IRS

NTU urges all Representatives to vote “YES” on House Amendment #2 to H.R. 2029, the “Protecting Americans from Tax Hikes Act of 2015.” This vehicle for the tax extenders will continue or make permanent a number of important tax credits and deductions while simultaneously helping to rein in IRS overreach.

Most importantly, the bill would permanently codify a number of key, pro-growth tax measures including the Research & Development credit, section 179 expensing, and the exception for active financing. Additionally, it would make permanent a number of other meritorious provisions including the deduction for state and local sales tax, which primarily benefits individuals in states without an income tax as well as five measures to encourage charitable giving.

While NTU is pleased that bonus depreciation would be extended until 2019, we are disappointed about the gradual phase down of this provision. This should be corrected by Congress in the future and bonus depreciation should be made permanent.

NTU supports the overall package; however, we have concerns about several of the bill’s special interest tax provisions, including the production tax credit for certain types of alternative energy generation. These narrowly targeted provisions should have been phased out years ago.

On the positive side, NTU strongly supports the IRS reforms contained in the bill. In particular, we enthusiastically endorse language affirming that the gift tax should not be applied to contributions to certain non-profit organizations and the provision enabling the termination of IRS employees who engage in political targeting.

Roll call votes on H.R. 2029 will be included in NTU’s annual Rating of Congress and a “YES” vote will be considered the pro-taxpayer position.

If you have any questions, please contact Brandon Arnold at (703) 683-5700