Washington, DC – Today, Ways and Means Chairman Dave Camp (R-MI) released the following statement after the Committee approved bipartisan legislation to prevent and address sex trafficking of youth in foster care, and six permanent extensions of tax policies for America’s job creators.
“Short-term tax policy is bad for business and bad for economic growth and jobs. The United States is the only country in the world that allows such important pieces of its tax code to expire on a regular basis. Worse yet, this type of tax policy disadvantages U.S. companies, hurting their ability to remain globally competitive. By making these six bipartisan policies permanent, businesses small and large will have the ability to plan for the future, invest in the economy, hire new workers, and invent new technologies and products. We need to make the U.S. a more attractive place to invest and hire. These permanent polices are an important first step to achieve that goal and put us on a path towards comprehensive reform that lowers rates and makes the code simpler and fairer.
“Congress must do all it can to ensure that our nation’s foster care system leads youth to successful, happy lives. It is unacceptable that our foster care system is leaving youth vulnerable to becoming victims of sex trafficking. Today, the Committee took an important step forward to protect youth in the foster care system and combat this terrible crime.”
HR 4058, “To prevent and address sex trafficking of youth in foster care.”
HR 4429, “To amend the Internal Revenue Code of 1986 to permanently extend the subpart F exemption for active financing income.”
HR 4438, “To amend the Internal Revenue Code of 1986 to simplify and make permanent the research credit.”
HR 4453, “To amend the Internal Revenue Code of 1986 to make permanent the reduced recognition period for built-in gains of S corporations.”
HR 4454, “To amend the Internal Revenue Code of 1986 to make permanent certain rules regarding basis adjustments to stock of S corporations making charitable contributions of property.”
HR 4457, “To amend the Internal Revenue Code of 1986 to permanently extend increased expensing limitations, and for other purposes.”
HR 4464, “To amend the Internal Revenue Code of 1986 to make permanent the look-through treatment of payments between related controlled foreign corporations.”