WASHINGTON, D.C. – With the support of U.S. Senator Angus King (I-Maine), the Senate this evening passed a package of 55 retroactive tax-relief provisions, referred to as “tax-extenders”, that will allow businesses and taxpayers to claim certain tax deductions for their 2014 tax filing. Senator King released the following statement:

“Several of the provisions renewed in this package are crucial to Maine businesses and help them to make the type of investments that drive economic activity and promote economic growth. But frankly, Congress should have acted a year ago when these provisions expired so that business owners and entrepreneurs would have had the certainty to make investments without worrying about whether or not Congress would come through for them at the end of the year. It's only common sense to recognize that retroactive extensions run counter to the purpose of prospective tax incentives. Congress should have also found a way to pay for more than $40 billion price tag for these tax breaks because, while we may enjoy them now, it's future generations who will have to pay for them.

"The best way for Congress to end what has become an annual embarrassment would be for us to take up comprehensive tax reform. Then we could work together to assess the merits of each provision to ensure we're supporting incentives that are effective and that utilize taxpayer money efficiently, and it would finally get Congress out of the way and provide the certainty to help inspire investors to put their money back into the economy.”

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