March 07, 2005

Crapo Votes To Give Idahoans A Tax Break

Congress reaches agreement on jobs and growth package

Washington, DC â?? After intense debate and a narrow victory, the Senate passed H.R. 2, the Jobs and Economic Growth package, today by a vote of 51 to 50. Idaho Senator Mike Crapo voted in favor of the conference report, which is expected to be delivered to the President later today. The House passed the measure last night.â??Reaching an agreement on the growth package has been a complex process, but Idahoans should feel confident and pleased with the outcome,â?? said Crapo. â??This measure includes immediate tax relief for small businesses, investors, and families who are struggling in the current economic situation, and that means more money in Idahoansâ?? wallets. Some of the provisions include $10 billion in state aid to Medicaid/FMAP programs, increases in the cap amount that small businesses can claim for expenses, and an increase in the child tax credit to $1000. Additionally, those families who received the credit in 2002 would be eligible to receive checks for up to $400 per qualifying child. Idahoans work hard for their money. They can feel reassured that Congress and the President are also working to ensure that more of that money remains in the hands of the people who have earned it.â??Due to the accelerated reduction in all marginal income tax rates and the retroactive nature of the change to January 1, 2003, workers will begin seeing an increase in their take-home pay as early as this summer. The bill also includes bonus depreciation and increases in Section 179 expensing for small businesses. Finally, the bill creates significant reductions in taxes on dividends and capital gains. Crapoâ??s comments on the passage of the Jobs and Growth Act are available on a satellite feed this afternoon at the following time and coordinates:1:45â??2:15 p.m. Mountain Time/ 12:45â??1:15 p.m. PacificGalaxy 3 (C-Band) Transponder 7 HorizontalDownlink Frequency 3840Standard Audio# # #FOR INTERESTED MEDIA: A radio actuality is available by calling 1-800-545-1267. Press 327 at any time during or after the greeting and instructions. You can also access the actuality through the Internet at http://crapo.senate.gov or www.senate.gov/src/radio.