Cardin Says Passage of Tax Extenders Bill Positive for Renewing Important Programs but Provides Little Certainty for Taxpayers in the Coming Year
WASHINGTON – U.S. Senator Ben Cardin (D-Md.), a member of the Senate Finance Committee, released the following statement on Tax Increase Prevention Act of 2014 (H.R. 5771), which provides a short-term extension of many expired tax provisions important to American families and businesses.
“I am pleased that the Senate has approved, with a large bipartisan majority, this package of tax extenders before the close of this Congress. H.R. 5771 contains many provisions that benefit Maryland families and businesses. We renew important programs and incentives like the New Markets Tax Credit and the Low Income House Credit nine percent rate floor, both of which are important for Baltimore and communities throughout Maryland. The package also includes important provisions that encourage energy efficiency, like the section 179D deduction for energy efficient commercial buildings. In addition, it contains important job provisions, like section 181, which supports film and television jobs in Maryland.
“Like many bills left to be voted on at the 11th hour, this bill is not perfect. I am extremely disappointed that the House bill only extends these provisions through the end of this year. The Senate Finance Committee reported, on a bipartisan basis, a two-year extenders package, and the House should have followed suit. By passing a package that expires in the next two and half weeks, we are undermining provisions like the work opportunity tax credit, mass transit benefit parity, and the production tax credit, which cannot be easily implemented on a retroactive basis, and providing no certainty to taxpayers going forward.”