Conaway: Critical Tax Relief Passes House

Washington  –  Yesterday, Congressman Mike Conaway (TX-11) voted with the majority of House Republicans to pass H.R. 2029, legislation that includes several critical tax relief provisions. This bill permanently extends and expands the small business expensing limitation for Section 179 property, permanently extends the option to deduct State and local sales taxes, and renews a number of charitable giving provisions.

“A permanent expansion of Section 179 provisions ensures that small businesses have the certainty they need to make capital purchases and better plan for the future,” said Rep. Conaway. “It is critical that our government supports economic growth and job creation by allowing small businesses to invest in their surrounding communities, rather than get in their way.

“Other critical provisions in this bill include the option to deduct State and local sales taxes instead of State and local income taxes. This allows Texans, who do not pay State income taxes, the opportunity to take advantage of a deduction not previously available to them. This legislation also encourages charitable giving by renewing a number of tax relief provisions. These extensions will, among other things, incentivize food donations and land preservation, and make it easier for non-profits to provide a helping hand to those in need.”