Griffin Votes to Reduce Uncertainty for America's Job Creators

Press Release

Congressman Tim Griffin (AR-02) released the following statement after the House passed a bill to amend the Internal Revenue Code of 1986 to modify and make permanent bonus depreciation (H.R. 4718):

"A huge step toward comprehensive tax reform is making permanent the helpful provisions that have been temporarily extended year after year. By reducing uncertainty for job creators in Arkansas and across the nation to help them better plan for the future, permanent bonus depreciation will enable both large and small businesses to grow good-paying jobs, spur innovation and encourage investment in America to help reduce our national debt."

Rep. Griffin is an original cosponsor of H.R. 4718, which passed the House by a vote of 258--160.

Tax Foundation analysis found that permanent bonus depreciation would grow the economy by 1 percent, adding $182 billion to the economy; increase the capital stock by over 3 percent; increase wages by about 1 percent (or $500 for an individual making $50,000 per year); and create 212,000 jobs.

When doing a dynamic analysis, the Joint Committee on Taxation, Congress' independent, non-partisan referee for tax legislation, estimates that making bonus depreciation permanent will increase economic growth and could reduce the debt by as much as $10 billion.

H.R. 4718 is supported by a number of organizations, including the Arkansas State Chamber of Commerce, Associated Industries of Arkansas, American Farm Bureau Federation, American Trucking Associations, Associated Builders & Contractors, Business Roundtable, National Association of Manufacturers, National Cable & Telecommunications Association, National Retail Federation and U.S. Chamber of Commerce.

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