Costa Votes to Support Valley Families and Businesses

Washington, DC — Today, Representative Jim Costa (CA-16) voted in support of the Protecting Americans from Tax Hikes(PATH) Act of 2015. This legislation includes tax credits for working families, businesses, and research and development.

"Many of the tax extenders that passed today in the House will directly benefit individuals, businesses, and communities in the San Joaquin Valley,"said Rep. Costa. "Furthermore, the tax credits for research and development will help the United States continue as the global leader in research advancements, and that is vital for moving this country forward."

Costa continued saying,"Getting a comprehensive tax reform bill passed and signed into law is what this country needs, but the unfortunate reality of today is that the political differences in this Congress are too strong for real tax reform. It is my hope that the legislation passed today is a first step in Congress coming together to craft a robust tax reform package that will allow our economy to grow and provide more certainty for families and businesses in the Valley."

The Protecting Americans from Tax Hikes Act of 2015 makes about 50 tax provisions permanent, including:

• The Earned Income Tax Credit (EITC) which benefits low- and middle-income working families.
• The American Opportunity Tax Credit (AOTC) helps individuals pay down college debt.
• The Small Business Expensing credit allows for small businesses that have less than $2 million in assets to expense as much as $500,000 in property.
• And the R&D Credit benefits a broad range of industries, including defense, health care, and technology.

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