WASHINGTON, D.C. – Congressman Frank Guinta (NH01), voting for today’sProtecting Americans from Tax Hikes Act (PATH) of 2015, said the series of tax credits for Americans“puts economic power in the hands of those who work hard, save and invest.”
“Too often, mostly from federal bureaucrats and enablers in Washington, D.C., we hear that tax cuts are a cost to the government, whereas Granite Staters’ income is their own, the fruit of their own labor,” said Rep. Guinta, a member of the House Financial Services Committee. “It should be individuals and families who decide on their priorities, such as housing, education and entrepreneurship.”
He noted several PATH Act provisions that permanently extend student and educator credits, as well as research and development credits, which Congress has renewed year to year, typically, until today. More research and development will spark innovation and job growth, said the Congressman, adding that permanence gives individuals and businesses certainty to plan for the future.
“Companies should have a greater incentive to bring new medicines and technology to market,”said Rep. Guinta. “Education is the starting point.”
The PATH Act extends tax credits for charitable contributions and hiring U.S. military veterans. New Hampshire has the 12th highest proportion of veterans in the country, according to recent Census data. Rep. Guinta listed other local benefits to the bill, which passed the House of Representatives on a 318-109 bipartisan vote.
As a result of an employment tax credit, New Hampshire’s First District will retain an estimated $76.9 million locally. Granite State seniors will see a larger supply of affordable housing, as in Belknap and Rockingham Counties, due to federal housing credits, said Rep. Guinta. He praised a delay of Obamacare’s“egregious” medical device tax, which had been scheduled to take effect next year.
The PATH Act reforms the Internal Revenue Service (IRS), specifically the tax-collection agency’s reported political activities. The legislation forbids private email accounts for public business and prohibits the targeting of nonprofit organizations for harassment.
A House Oversight Committee investigation revealed that IRS agents may have singled out conservative and religious groups for special scrutiny, in violation of their constitutional rights.