Vice Chair Crowley Statement on Passage of Tax Extenders Bill
Legislation Includes Tax Relief for Families, Two Bipartisan Bills Co-Authored by Crowley
(Washington, D.C.) – Today, Rep. Joe Crowley (D-Queens, the Bronx), Vice Chair of the Democratic Caucus, released the following statement on his vote in support of legislation that extends and makes permanent key tax credits. The House passed the tax extenders bill by a vote of 318 to 109.
“While our economy is improving, there is no question that American families are still struggling to get by. This legislation will significantly ease some of the financial burdens faced by hardworking families, and help to provide them with more stability and security by ensuring that a number of widely-supported tax deductions and credits remain in place.
“Specifically, this legislation makes permanent improvements to three key programs: the Earned Income Tax Credit, the Child Tax Credit, and the American Opportunity Tax Credit. Together, these programs provide immediate relief to American families while providing long-term benefits, such as helping to defray the costs of education and boosting earnings for workers. I want Americans to get as much mileage as possible out of every dollar they earn, and this legislation will help do exactly that.”
The Earned Income Tax Credit (EITC) is a refundable federal income tax credit for low-to-moderate-income working individuals and families. The Child Tax Credit (CTC) gives taxpayers a tax credit for each qualifying child under the age of 17, generally worth $1,000 per child. The American Opportunity Tax Credit (AOTC) helps low- and middle-income families defray college costs. These tax credits are even more valuable to families because they are refundable, meaning that once the tax credit exceeds the amount of taxes owed by an individual, it results in a tax refund to those who claim and qualify for the credit.
In addition, the bill includes provisions to help stimulate our economy, including two bipartisan bills co-authored by Crowley: the Real Estate Investment and Jobs Act of 2015 (H.R. 2128) and the Facilitating Investment in Local Markets (FILM) Act (H.R. 2405). The Real Estate Investment and Jobs Act would remove a 1980’s-era tax provision that discourages foreign investment in U.S. real estate. The FILM Act would extend federal tax incentives to encourage domestic film, television, and theatrical productions, which are increasingly moving overseas.