Reed: Newly Passed Tax Benefits will Help Working RIers, Businesses, & Long-Term Unemployed

Press Release

In an effort to help working families keep more of the money they earn, boost Rhode Island's economy, and provide local businesses with the financial stability and certainty they need to succeed, U.S. Senator Jack Reed helped pass legislation earlier this month to enhance and extend several targeted tax benefits. Attached to the omnibus appropriations bill that Congress passed on December 18 was a tax extenders package that includes several provisions supported by Senator Reed designed to help working families and grow our economy. The extenders package includes an expanded Earned Income Tax Credit (EITC) and improvements to the Child Tax Credit (CTC), the American Opportunity Tax Credit, and the Work Opportunity Tax Credit. And in an effort intended to spur innovation, the bill also permanently extends the Research and Development Tax Credit and extends tax credits for investments in clean, renewable energy that will support green jobs in Rhode Island.

"We need a multi-faceted approach to growing our economy and increasing living standards for working families," said Senator Reed. "Congress recently passed a law providing significant tax relief for hardworking Rhode Islanders. I hope businesses will follow through on the bill's provisions which are intended to encourage more hiring and wage growth. Although I did not support every provision in the tax extenders package, I voted for the bill because it helps working families keep more of their hard earned money and provides the financial certainty businesses need to better plan for the future."

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