Press Releases

WASHINGTON – U.S. Senator John Boozman (R-AR) today issued the following statement after supporting Senate-passage of the Tax Increase Prevention Act of 2014 (H.R. 5771):

“We need to reform our tax code to make it fairer and simpler for every American. However, in the interim, extending these tax provisions is just plain commonsense. By doing so, we prevent tax increases on hardworking Arkansans, as well as small businesses and farmers who are our state’s economic engine.”

Among the deductions and credits extended are:

  • The local and state sales tax deduction;
  • Multiple mortgage tax credits;
  • School teacher expenses deduction;
  • Employer wage credit for activated military reservists;
  • Small business expensing limit;
  • Four different depreciation credits;
  • Numerous energy efficiency credits including the credit for renewable energy producing facilities (including wind);
  • Three charitable tax incentives to encourage private acts of charity and compassion;
  • First-year deduction of 50 percent for the purchase of new capital assets, including agricultural equipment.