Blumenthal Statement On Senate Passage Of Tax Extenders Bill

(Washington, DC) – U.S. Senator Richard Blumenthal (D-Conn.) today released the following statement on the Tax Increase Prevention Act of 2014, which the Senate passed before adjourning this week:

“I am pleased that Connecticut taxpayers can now be certain of their ability to rely on important tax provisions for this year. In particular, Connecticut’s business community will benefit from a tax credit for research and development, which will help spur important innovations, and from a deduction for the full cost of new business equipment. I have also heard from many of my constituents about how important a number of individual tax provisions are to them, and I am glad that they will be able to rest easier this holiday season knowing that those have passed as well. The tax extenders package will protect homeowners whose mortgage debt is forgiven from having to pay taxes on that amount. This legislation also provides important tax benefits for teachers who purchase school supplies out of pocket, property owners who seek to conserve their land, and retirees who wish to make charitable distributions from their retirement accounts.

“I look forward to working with my colleagues toward more forward-looking tax legislation that will provide stability and allow taxpayers to plan, rather than relying on retroactive, last-minute extensions. And I hope that discussions in the next Congress about comprehensive tax reform will center on protecting working and middle-class families and encouraging innovation and investment in American jobs.”