December 23, 2014

Obama’ s $1.1 Trillion Spending Bill Includes Tax Credits for Renewable Energy

President Barack Obama has signed a massive $1.1 trillion spending bill that keeps the government operating over the next nine months.

The legislation was a bipartisan compromise that angered liberals and conservatives alike but avoided a government shutdown and put off partisan clashes over immigration to next year.

Ensuring a debate over immigration, though, the legislation only finances the Homeland Security Department until Feb. 27.

The bill was one of the last acts of Congress under the current Republican House and Democratic-controlled Senate. In January, the new Congress will return with Republicans in charge of both chambers.

The spending bill retains cuts negotiated in previous budget battles and rolls back some banking regulations. But it retains spending for Obama's health care law and pays for the administration's fight against Ebola. 

Nevada Senator Harry Reid released this statement: 

“Today's strong bipartisan vote shows that Democrats and Republicans can come together to encourage our economy to create jobs and strengthen the middle class. This legislation ensures that students receive tax credits for the cost of their college tuition and allows teachers to claim their expenses for the personal money they invest in their classrooms. And it gives employers the ability to pay for their employees public transportation costs without unfairly taxing them. 

“It also continues the state and local sales tax deduction and Mortgage Forgiveness Debt Relief Act. These deductions will save Nevada families and taxpayers millions of dollars and are important to renew as our state's economy and housing sector continue to recover. The bill will also help further economic growth in our state. It invests in Nevada's clean energy future by including tax credits for renewable energy production. I will continue to ensure these tax cuts are protected for Nevada.

“Passing this also gives families with children who have a disability a way to save for their child's medical expenses through Achieve a Better Life Experience (ABLE) accounts. This important provision allows families to save for their disabled children's future in the same way families are able to save for other life expenses like covering the cost of children to go to college. 

“This legislation also provides more incentives for American companies to create jobs by giving them a tax incentive for research and development. I hope that as we move into the 114th Congress,  Republicans will join us in making many of these tax cuts permanent. Senate Democrats will continue to work to strengthen the middle class and create jobs.” 

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