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Feeney: Extension of Sales Tax Deduction a Big Win for Floridians

Date: Dec. 8, 2005
Location: Washington, DC
Issues: Taxes


Feeney: Extension of Sales Tax Deduction a Big Win for Floridians

(Washington, D.C.) - Today, Rep. Feeney (R-Oviedo) applauded the passage of the Tax Relief Extension Reconciliation Act of 2005, which extends many valuable tax cuts including the sales tax deductibility option for Floridians. Feeney, an original co-sponsor of legislation that would make sales tax deductibility permanent for states such as Florida that do not collect a state income tax, issued the following statement:

"The sales tax deduction extension is a big win for Floridians. We are now one step closer to ensuring that Floridians continue to see the same benefits and deductions enjoyed by residents of other states. It is an honor to serve in a body dedicated to promoting national tax equity and economic policies that benefit working Americans and will continue our economy on a path of impressive growth," stated Feeney.

The adopted language extends through 2006 the sales tax deductions passed in the American Jobs Creation Act of 2004 and allows taxpayers to deduct sales taxes by choosing a standard deduction from an IRS-provided table or the actual amount paid as demonstrated by receipts. This is option is beneficial for individuals making purchases of automobiles, boats, furniture and other high-ticket household items

"Our nation has enjoyed 29 straight months of job growth and economic expansion since we approved these valuable tax reductions, it is only responsible that Congress extend the tax relief measures and promote successful pro-growth policies that have been contributing factors," concluded Feeney.

Key provisions in this legislation extend capital gains and dividend income tax rate reductions through 2010. According to the Joint Committee on Taxation, over 60 percent of Americans receiving capital gains or dividend income have incomes of $100,000 or less and stand to benefit from the passage of today's bill.

http://www.house.gov/apps/list/press/fl24_feeney/06SalesTaxExtension.html

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