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Yarmuth Supports Extension of Tax Relief for Middle Class Families and Small Businesses

( Washington, DC ) Today, Congressman John Yarmuth (KY-3) voted to approve H.R. 4213, the Tax Extenders Act, to provide for the continuation of more than 40 tax relief provisions that encourage charitable contributions, provide tax credits in the event of natural disasters, allow deductions for qualified education expenditures, and help spur research and job growth at small businesses. 

“Economic recovery in Louisville begins with a focus on the middle class and small businesses, so guaranteeing this tax relief is an important part of our plan to encourage growth and create jobs,” said Congressman Yarmuth.   “This legislation is also significant in our community because -more than most - we know the physical and economic cost of natural disasters. Extending tax relief for expenditures related to clean-up is an absolute necessity.”

Louisville teachers, homeowners, college students, and entrepreneurs are among those that are eligible to benefit from the tax relief provisions passed today. 

Among the tax incentives and deductions extended in the bill are: 

·          The Research and Development tax credit that encourages businesses to invest in technology that will create high-tech jobs

·          The $250 deduction for elementary and secondary school teachers and education professionals for classroom expenses.

·          The continued deductibility of state and local sales taxes

·          Deductions of expenses incurred as the result of Federally-declared disasters

·          Deductions for charitable donations of food, computer equipment, books, and funds from individual retirement plans.

·          Deduction of qualified tuition and related expenses.

The legislation also provides a tax credit for small businesses that employ activated military reservists.

Next week, as part of his effort to ensure small businesses in Louisville have the resources they need to create jobs, Congressman Yarmuth plans to introduce a bill that would provide for remaining funds from the Trouble Asset Relief Program to be loaned directly to small businesses at the same low interest rate large banks and other lenders enjoy.