VPR: HOUSE PASSES TAX CREDIT EXTENSION, WELCH VOTES NO
Congressman Peter Welch has voted against the extension of a package of tax credits for businesses and individuals. The $45 billion plan passed the House late yesterday. The vote was 370 to 46.
The legislation will allow dozens of credits to be used during the 2014 tax year. It includes deductions for NASCAR race track owners, college students, commuters, and some teachers. It also extends research and development tax credits for many businesses.
Welch says there are elements of the bill that he supports, such as production tax credits for renewable energy sources and the construction of new energy efficient homes.
But he says he voted against the bill because it fails to address tax reform in a long term and comprehensive way.
"These temporary tax provisions are not a substitute for the tax reform that the American people really know we need,” said Welch.
The measure now goes to the Senate and backers hope it will be voted on in the near future.