Portman applauds inclusion of pro-growth provisions in year-end tax legislation

U.S. Senator Rob Portman (R-Ohio) has released the following statement regarding the inclusion of provisions that make expanded section 179 expensing for small businesses and the Research and Development Credit permanent, and provides for long-term extensions of bonus depreciation and the New Markets Tax Credit.

During July’s Senate Finance Committee tax extenders markup, Senator Portman cosponsored amendments to make all four provisions permanent.   
 
“Making permanent pro-growth tax provisions permanent is a key component to energizing our economy,” Portman said. “While I would have like to have seen all of these policies made permanent, this bill will give Ohio businesses better ability to plan long term, grow, and create jobs.

“Permanent small business expensing will give small businesses the access to capital they need to expand. A permanent Research and Development credit will increase high-paying R&D jobs and increase economic activity. A long-term extension of bonus depreciation gives capital intensive Ohio businesses the capital they need to grow while an expanded ability to use Alternative Minimum Tax credits in lieu of bonus depreciation will help many Ohio manufacturers get new projects off the ground.

“Finally, a long-term extension of the New Markets Tax Credit will continue to help local communities attract capital to help low-income areas grow. All of these policies will help provide a boost to Ohio’s economy.”