Washington, DC) — Rep. Bob Etheridge (D-Lillington), the only North Carolina member of the House Ways and Means Committee, voted yesterday to approve H.R. 4213, the “Tax Extenders Act of 2009”. The bill passed the House by a vote of 241-181.
“Today’s bill reduces taxes on American families and businesses which will stimulate job creation in our communities,” Etheridge said. “This bill will help businesses invest in our future prosperity, strengthen family budgets, and grow our economy.”
The critical legislation, originally introduced in the Ways and Means Committee, would extend several tax provisions currently set to expire at the end of the year. The tax provisions range from research and development credits for corporations to shorter depreciation schedules for restaurants and racetracks; incentives for renewable energy production, such as biodiesel; and provisions benefiting individuals like the deduction for state and local sales taxes in states without an income tax.
The bill would also extend for one year (through 2010) the $250 above-the-line tax deduction for teachers and other school professionals for expenses paid or incurred for books, supplies and other supplementary materials used in the classroom.