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Washington, DC – This week, Congressman Brett Guthrie (KY-02) voted in support of legislation to make permanent reforms to our nation’s tax policies that will provide certainty to Kentucky businesses, farmers and families.

“Our tax code is lengthy and complex,” said Congressman Guthrie.  “To make matters worse, taxpayers are often dependent on Congress to temporarily extend important provisions at the last minute.  As Congress works toward comprehensive tax reform, these bipartisan bills will grant small businesses and Kentucky families greater certainty.”

H.R. 636, the America’s Small Business Tax Relief Act, will make permanent the $500,000 Section 179 expensing level for qualified property that has been available to small businesses and farmers since 2010 and recently extended through 2014.  Because of the expiration of this provision, on January 1, 2015, the Section 179 expensing level decreased from $500,000 to only $25,000. 

“By restoring the Section 179 expensing level and making it permanent, small business owners and farmers are able to deduct property and equipment costs immediately, providing for more money up front.  This allows them to expand their operations and have a greater say in their financial futures,” said Congressman Guthrie.

Congressman Guthrie also voted in support of H.R. 644, the America Gives More Act, which makes permanent a series of charitable giving provisions, including the enhanced tax deduction for charitable giving of food inventory by any type of business and allowing certain tax-free distributions from IRAs for charitable purposes.

“It is important that we promote policies that encourage donations to those most in need.  I am proud to support these bills and hope that we can also achieve comprehensive tax reform to grant this level of clarity and certainty to all sectors of our tax code,” added Congressman Guthrie.

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