Home Current News Berkley Votes to Extend Tax Savings
Berkley Votes to Extend Tax Savings
(December 9, 2009)  Congresswoman Shelley Berkley voted in favor of legislation that extends various tax savings for Nevadans, including deductions for payments of state sales tax and property tax, a credit to help with the cost of college tuition and a credit that reimburses school teachers for out-of-pocket classroom expenses. 

“This package will protect the ability for qualified Nevadans to continue deducting a portion of the sales tax they pay each year,” said Berkley.  “Teachers will also see their deduction for books and other classroom supplies extended and students and parents will be able to continue deducting a portion of expenses related to college tuition.”

The legislation also extends the ability for restaurants and retailers to deduct a portion of expenses for business improvements, and a credit for the Las Vegas Motor Speedway and other racing venues to upgrade their facilities.

“Our legislation will also allow restaurant operators, retailers and others to save on improvements to their businesses.  The Las Vegas Motor Speedway, which attracts race fans of all ages, will also see a continuation of the credit for enhancing its facilities in southern Nevada.  Without this action, these important tax deductions would disappear, leaving families without the added savings that have come from provisions like the sales tax deduction, tuition credit and the write-off for a percentage of property taxes,” Berkley said.

Employers are also eligible for a deduction to help cover the cost of paying workers in the military reserves who are called to active duty.    

“We have taken steps in this bill to make sure that Nevada National Guard members and other Reservists do not suffer a pay cut by providing a tax credit for small businesses that continue to provide a salary to their National Guard and Reserve employees when they are called up to serve,” said Berkley. 

As a Member of the House Committee on Ways and Means, Berkley helped to craft the extenders package.

KEY TAX DEDUCTION PROVISIONS

•    Extension of the deduction of state and local general sales taxes. The bill would extend for one year (through 2010) the election to take an itemized deduction for state and local general sales taxes in lieu of the itemized deduction permitted for state and local income taxes.

•    Extension of the additional standard deduction for real property taxes. The bill would extend for one year (through 2010) the additional standard deduction for state and local real property taxes.

•    Extension of the above-the-line deduction for qualified tuition and related expenses. The bill would extend for one year (through 2010) the above-the-line tax deduction for qualified education expenses.

•    Extension of the business Research and Development credit. The bill would extend for one year (through 2010) the research credit.

•    Extension of the above-the-line deduction for certain expenses of elementary and secondary school teachers. The bill would extend for one year (through 2010) the $250 above-the-line tax deduction for teachers and other school professionals for expenses paid or incurred for books, supplies (other than non-athletic supplies for courses of instruction in health or physical education), computer equipment (including related software and service), other equipment, and supplementary materials used by the educator in the classroom.

•    Extension of 15-year straight-line cost recovery for qualified leasehold improvements, restaurant buildings and improvements, and retail improvements. The bill would extend for one year (through 2010) the special 15-year cost recovery period for certain leasehold improvements, restaurant buildings and improvements, and retail improvements.

•    Extension of 7-year straight-line cost recovery period for motorsports entertainment complexes. The bill would extend for one year (through 2010) the special 7-year cost recovery period for property used for land improvement and support facilities at motorsports entertainment complexes.

•    Extension of employer wage credit for activated military reservists. The bill would extend for one year (through 2010) the provision that provides eligible small business employers with a credit against the taxpayer’s income tax liability for a taxable year in an amount equal to twenty-percent of the sum of differential wage payments to activated military reservists.
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