Congressman Tim Ryan Votes to Cut Taxes for Small Businesses

Dec 17, 2015 Issues: Helping Working Families

Washington, DC – Congressman Tim Ryan made the following statement after voting in favor of the Fiscal Year 2016 Tax Extenders legislation:

“I am proud to support this significant bipartisan agreement that cuts taxes for our small businesses, which will help grow our economy. Whether it's businesses at the Youngstown Business Incubator, the Akron Accelerator or local manufacturers, these tax cuts will help create jobs. This legislation creates a permanent extension of the research and development tax credit, which will now allow small businesses and startup companies to be able to reap the benefits of this program that was once only available to big business. These changes will be a major boon to innovation and entrepreneurship in the United States of America. Small and startup businesses need every dollar to build and expand their companies, and this provision will go a long way towards doing just that, while creating jobs in our community.

“This legislation will help families by encouraging higher education and permanently extending the American Opportunity Tax Credit, which entitles taxpayers to receive a $2,500 credit to offset the cost of college tuition. College should be a viable option for each and every student in Ohio and across the nation and while much still needs to be done to rein in the cost of a college education, I am pleased that this tax benefit will make that dream a little easier to attain.

“As the husband of an elementary school teacher, I know firsthand how much educators put into their classrooms each and every year to ensure that their students get the education they deserve. That is why I applaud the permanent extension of the Educator Tax Deduction, which helps teachers pay their out-of-pocket expenses made on classroom supplies and ongoing professional development. I am happy we are going to make sure these sacrifices are recognized.”

“I am proud to support this legislation that will keep 162,000 Ohio children out of poverty and help 407,000 Ohio families make ends meet. This legislation permanently extends the Child Tax Credit and the Earned Income Tax Credit, two of the strongest tools we have to make sure the basic needs of hardworking American families are met."

This legislation is supported by Ohio Association of Foodbanks, Children’s Defense Fund-Ohio, Policy Matters Ohio, ProgressOhio, Western Reserve Land Conservancy, National Educators Association, American Federation of Teachers, National Women’s Law Center.