Carney Supports Tax Relief For Working Families, Farmers And Business Growth

Press Release

Congressman Chris Carney today voted in favor of H.R. 4213, The Tax Extenders Act, legislation to provide a variety of tax cuts and incentives for small businesses, farmers and working families. The legislation, which passed in the House, will extend several provisions Congressman Carney worked hard to secure, including the R&D tax credit, increased expensing for farm equipment, and a special seven-year cost recovery period for motorsports entertainment complexes. Details of those provisions are included below.

"Our economic recovery hinges on the success of our small businesses and working families and these tax cuts provide both much-needed relief and incentives that will spur job creation and strengthen our economy," Congressman Carney said.

Congressman Carney earlier this year sponsored the Made in America Act, which would have made permanent the R&D credit and raised to 20 percent the portion of R&D expenses that businesses could write off. The Made in America Act also would have made permanent the increased expensing caps for farmers.

The following provisions were among those that Congressman Carney fought to include:

Extension of five-year depreciation for farming business machinery and equipment. The bill would extend for one year (through 2010) the provision that provides a five-year recovery period for certain machinery and equipment which is used in a farming business.

Extension of the R&D credit. The bill would extend for one year (through 2010) the research credit.

Extension of 7-year straight line cost recovery period for motorsports entertainment complexes. The bill would extend for one year (through 2010) the special 7-year cost recovery period for property used for land improvement and support facilities at motorsports entertainment complexes.

A full summary of the bill can be found at:
http://waysandmeans.house.gov/media/pdf/111/extenders_summary.pdf

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