Today in a Senate Finance Committee hearing, Senator Pat Roberts (R-Kan.) voted in support of a bill to extend billions of dollars in tax breaks through 2013 to individuals and small businesses.
"Bringing this extenders package to the committee is a strong sign that we mean business, that we are ready to move on a bipartisan basis to address the fiscal issues facing the country," Roberts said during the hearing. "This has taken strong leadership and I look forward to a robust discussion. This will result in legislation that will begin to bring certainty over tax matters to individuals and businesses all across the country."
The Senate Finance Committee cleared the Family and Business Tax Cut Certainty Act of 2012, known as the "tax extenders" bill on a 19 to 5 bipartisan vote.
Included in it is a measure long championed by Sen. Roberts that helps members of the military qualify for low income housing. The Low Income Housing Tax Credit (LIHTC), which will benefit Fort Riley and Forbes Field, helps soldiers in lower pay grades find affordable housing. The LIHTC expired at the end of 2011, and the tax extenders bill would extend LIHTC for two more years.
In 2008, Sen. Roberts worked to ensure the inclusion of this important provision as military installations across the country are receiving substantial increases of personnel as a result of Department of Defense stationing decisions.
"While I am pleased that we are moving forward, I realize that we still have more work to do on this measure," said Roberts. "If we want to provide certainty to businesses across the country, there are additional extenders that should be included, such as the bonus depreciation extender that we all have supported in the past and which is vital for businesses in Kansas and elsewhere."
The full Senate is expected to vote on the bill following the August Congressional work period.