Rep. Davis Statement on One-Year Tax Extenders Bill

Statement

This one-year, retroactive extension is not ideal. It is simply a band-aid for the 2014 tax year and does nothing to provide certainty to individuals and businesses for 2015. My constituent, Mary Joe, still will not know whether she can give money from her IRA to a Chicago charity without tax liability in 2015, nor does my constituent, Henry, know if he can receive an enhanced tax benefit for donating food items to charity in 2015. Further, I am deeply disappointed that this bill fails to extend the Trade Adjustment Assistance for health costs workers laid off through no fault of their own.

However, I believe that this bill may be our only option this year to provide these tax benefits for 2014 and to ensure that taxpayers can begin filing their taxes and receiving their refunds early next year. There are many provisions included that are critical to Chicago and Illinois and that must be covered in 2014. This is not the best bill, but it is a necessary bill. I look forward to working bipartisanly to ensure comprehensive, permanent reforms to the tax code that help all Americans, including provisions that help the lowest-income workers -- such as the Earned Income Tax Credit, the enhanced Child Tax Credit.

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