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Reed Calls House-Passed Tax Provision Extender Package “Critical for jobs”

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Washington, DC, December 4, 2014 | comments

Reed Calls House-Passed Tax Provision Extender Package “Critical for jobs”

Package also includes provisions of Reed’s Mortgage Forgiveness Tax Relief Act

and Fighting Hunger Incentive Act

Calling its passage “Critical for jobs,” Rep. Tom Reed today voted in support of the House package of tax provision extenders.  The bill, which renews various tax provisions which expired or were set to expire, passed the House on a bipartisan vote.

“It is unfair that businesses and taxpayers are left in the dark guessing what tax policy will be,” Reed observed. “Businesses and farmers are left to make long-term decisions on investing in new research and jobs without knowing what the landscape will look like.  These provisions, particularly the Research and Development credit, are critical to creating jobs making the innovative products of tomorrow.”

The extender package also included provisions introduced by Reed in his Mortgage Forgiveness Tax Relief Act and also in his Fighting Hunger Incentive Act.

“Our mortgage tax relief provision saves distressed families from being hit with an unexpected tax bill on money which they never actually had at a time when they can least afford it,” Reed said.  “It’s one way we can care for neighbors still struggling in our challenging economy.” Reed’s bill relieves distressed homeowners from requirements to pay income tax on forgiven mortgage debt. 

“We all care about the hungry,” Reed said regarding his hunger-fighting incentive. “It’s only right and fair that we help local food banks care for our neighbors by bringing together businesses and charitable groups to care for those in need in our community.”  Reed’s bill incentivizes restaurants, grocery stores, and other businesses to contribute their excess inventory to local food banks and pantries.

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