Furthermore, the tax legislation permanently provides matching for the EITC and CDCTC for taxpayers in Puerto Rico and other U.S. Territories.
In a statement, Neal said, “Our committee has passed the most significant pro-work, poverty-reducing tax bill in at least a decade for residents of all 50 states, Puerto Rico, and other U.S. territories. It provides an important economic boost for middle-class families who continue to struggle in this economy – something Republicans failed to do with their failed tax legislation two years ago.”
Tax legislation that provides “longer-term certainty” for disaster survivors
On the other hand, Subcommittee on Select Revenue Measures Chairman Mike Thompson (D-CA) introduced the Taxpayer Certainty and Disaster Tax Relief Act.
The bill extends a number of important tax provisions that already expired or expiring including the disaster tax relief. It also extends the New Markets Tax Credit and the Work Opportunity Tax Credit and the credit for biodiesel and biofuels.
