Last month, the Chamber was pleased to host a roundtable with U.S. Senator Robert P. Casey, Jr. to discuss the prospects of a comprehensive tax overhaul in a new Congress and Administration next year. Senator Casey serves on the Senate Committee on Finance which is responsible for taxation and revenue to the United States government. His position on the committee makes him a powerful voice in Congress on the issue of tax reform.
The legislative recess before the November election allowed Senator Casey to break away from business on Capitol Hill to meet in Philadelphia with a cross-section of the Chamber membership representing small business, the middle market, health care, energy, manufacturing, non-profit, and higher-education among others. As Senator Casey prepares for the prospect of a tax debate early next year, the roundtable discussion equipped him with policy reforms that can accelerate growth within the regional economy.
Senator Casey directed the group’s attention to the legislative achievements on tax-related issues in the last year, specifically the PATH Act, which provided permanent tax relief for non-profits, small business and enterprises on the forefront of innovation. Many of the Chamber’s tax priorities were achieved through the PATH Act:
- Expansion and permanent extension of the expired Research & Development (R&D) tax credit;
- Permanent extension of the expired provision that enables tax-free qualifying charitable distributions directly from IRAs by individuals age 70 ½ and older;
- Permanent renewal of the expired Section 179 small business expensing limitation and phase-out amounts;
- Two-year suspension of medical device e