CASTRO INTRODUCES TAX CUTS FOR AMERICA ACT
Washington, D.C. – Congressman Joaquin Castro (TX-20) today introduced legislation to extend tax credits that will spur economic growth, boost job creation, and help hardworking Americans. The Tax Cuts for America Act would support veterans, teachers, businesses, and energy efficient projects by extending a variety of tax credits that expired at the end of 2014.
“When Americans reflect on what makes this country great, we think about our educators, our men and women in uniform, and our nation’s entrepreneurial spirit,” said Rep. Castro. “The Tax Cuts for America Act looks to support the very essence of America: small businesses that hire military reservists; teachers who go above and beyond for their students; and research and development projects that drive innovation. Extending these commonsense tax credits will put folks to work, build upon the past few years of steady economic growth, and provide relief to Americans who do so much to make our country even better.”
The Tax Cuts for America Act extends the following tax credits for one year:
- New Markets Tax Credit Program
- Work Opportunity Tax Credit
- Tax Credit for Research and Experimentation Expenses
- Deduction for Certain Expenses of Elementary and Secondary School Teachers
- Employer Wage Credit for Employees who are Active Duty Members of the Uniformed Services
- Credit for Construction of New Energy Efficient Homes
- State and Local Sales Tax Deduction
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