H.R 5771 or the Tax Increase Prevention Act, which received bi-partisan support from the Central Florida Congressional Delegation and featured amendments from 9th District Congressman Alan Grayson has passed the Senate and will be heading to President Obama’s desk, where he is expected to sign it into law.
The bill would extend, for one year a number of tax relief provisions that expired either at the end of calendar year 2013 or during 2014, thus preventing tax increases on millions of families and businesses as the tax year 2014 filing season begins early next year.
Both Florida Senators Bill Nelson and Marco Rubio voted in favor of the legislation. It passed 76-16.
Grayson had the following remarks following it’s passage…
“Our nation’s economy is still struggling to recover from the Great Recession. Students, business owners, young families, veterans, and charities are all counting on assistance when they file their taxes and make economic decisions,” Grayson said. “We cannot afford to let tax relief provisions lapse right now. We want businesses to continue to hire veterans. We want students to be able to deduct their tuition payments. And we want to encourage food donations to charities who feed our communities.”