House Passes Budget Plan, Paving Way for Extension of 2017 Tax Cuts
Source: PA Chamber of Business and Industry
The U.S. House of Representatives last week adopted a budget resolution that clears a procedural path for extending key provisions of the 2017 Tax Cuts and Jobs Act.
The 216-214 vote last Thursday follows Senate passage and allows Republicans to advance tax reform legislation later this year without needing Democratic support in the Senate.
The resolution allows for up to $5.3 trillion in tax relief and includes a $5 trillion increase to the federal debt limit. It also calls for at least $4 billion in spending cuts and authorizes increased investments in defense and immigration enforcement.
House Speaker Mike Johnson said the vote sends a “very strong signal” to job creators, entrepreneurs, and the broader economy. President Donald Trump also praised it as a major step toward preserving one of his signature first-term policy achievements.
The PA Chamber strongly supports extending the 2017 tax provisions, which reduced tax rates for individuals and businesses, increased the standard deduction, and enhanced expensing for capital investments.
Making these provisions permanent is a key priority for promoting long-term economic growth and competitiveness in Pennsylvania.
Founded in 1916, the Pennsylvania Chamber of Business and Industry is the state's largest broad-based business association, with its membership comprising businesses of all sizes and across all industry sectors. The PA Chamber is The Statewide Voice of BusinessTM.