Reps. Commend Passage of PATH Act

U.S. Reps. Ann McLane Kuster, D-NH, and Frank Guinta, R-NH, voted in support yesterday of the Protecting Americans from Tax Hikes Act (PATH) of 2015, a series of tax credits for Americans that Guinta said “puts economic power in the hands of those who work hard, save and invest” and Kuster said “was a major step forward for Granite State families and small businesses,” according to press statements.

“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. 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.”

Kuster added, “For too long, congressional gridlock has created uncertainty, and this vote ensures New Hampshire families have much-needed, long-term tax relief. I was proud to join both parties in voting to help our hard-working families and small businesses.”

Guinta 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 Guinta. “Education is the starting point.”

The legislation extends indefinitely the research and development tax credit, which Kuster has long championed, and which will benefit an array of manufacturers and innovators in New Hampshire and help create jobs in the Granite State. Countries around the world already have robust research incentives, and the U.S. risks falling behind if the federal government does not provide more certainty for innovators.

Additionally, the legislation makes permanent several tax provisions that are important to working families, including the Earned Income Tax Credit (EITC), the Child Tax Credit, and the American Opportunity Tax Credit, which helps students pay for college, Kuster noted.

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. Guinta listed other local benefits to the bill, which passed the House of Representatives on a 318-109 bipartisan vote.

The bill also makes permanent a number of provisions that enhance land conservation and charitable giving to benefit the many critical organizations serving Granite State communities, according to Kuster. It also provides long-term extensions for solar, wind, and other renewable energy incentives, and phases out those credits over time in anticipation of renewables becoming more competitive in the marketplace.