Dobbs stated, “This bill includes several key, targeted tax measures that will help individuals, businesses, and farmers of the 1st District. The bill extends the deductibility of state and local sales taxes and property tax relief, as well as the college tuition deduction and the deduction for teachers’ classroom expenses. For businesses in the 1st District, this bill strengthens investment in alternative fuels, extends tax credits for farmers, and extends research and development tax credits for business.”

Below is an outline of some of the provisions in the bill:

• Extension of the State and Local General Taxes Deduction. The bill would extend for one year (through 2010) the election to take an itemized deduction for State and local general sales taxes in lieu of the itemized deduction permitted for State and local income taxes.

• Extension of the Deductions for College Tuition. The bill would extend for one year (through 2010) the above-the-line tax deduction for qualified education expenses.

• Extension of the Deduction for Classroom Expenses for Teachers. The bill would 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 (other than non-athletic supplies for courses of instruction in health or physical education), computer equipment (including related software and service), other equipment, and supplementary materials used by the educator in the classroom.

• Extension of the Research and Development Credit for Business. The bill would extend for one year (through 2010) the research credit.

• Extension of Depreciation for Farming Business Machinery and Equipment. The bill would extend for one year (through 2010) the provision that provides a five-year recovery period for certain machinery and equipment which is used in a farming business.

• Extension of Tax Incentives for Biodiesel and Renewable Diesel. The bill would extend for one year (through 2010) the $1.00 per gallon production tax credit for biodiesel and the small agri-biodiesel producer credit of 10 cents per gallon. The bill would also extend for one year (through 2010) the $1.00 per gallon production tax credit for diesel fuel created from biomass.

• Extension of Tax Incentives for Natural Gas and Propane used as a Fuel in Transportation Vehicles. The bill would extend for one year (through 2010) the $0.50 per gallon production tax credit for natural gas and propane used as a transportation fuel.

• Extension of Employer Wage Credit for Activated Military Reservists. The bill would extend for one year (through 2010) the provision that provides eligible small business employers with a credit against the taxpayer’s income tax liability for a taxable year in an amount equal to twenty percent (20%) of the sum of differential wage payments to activated military reservists.

Robert Dobbs further stated:

“Without the extensions, these provisions would expire at the end of the year. The Tax Extenders Act of 2009 provides up to 30 million homeowners with property tax relief and assists 4.5 million families better afford college with the tuition deduction.

Henry Brown also did not support the members of the military because this bill makes sure that activated military reservists do not suffer a pay cut by providing a tax credit for small businesses that continue to pay their National Guard and Reserve employees when they are called up to serve. Military families have sacrificed enough and with the implementation of 30,000 more troops in Afghanistan, this provision is essential to the financial stability of our military families.

In this difficult economic time, Congress must continue successful initiatives that lessen the tax burdens for American families and businesses.”

Robert Dobbs, a veteran of the U.S. Army, is running for Congress in South Carolina’s First District.

http://www.electdobbs.com