2014: Schweikert Voted To Extend Numerous Tax Credits And Deductions Through The End Of 2014, Including The Deduction Of Up To $4000 For Tuition And Related Expenses. In December 2014, Schweikert voted for legislation that, according to Congressional Quarterly, "restore[d] for the [...] 2014 tax year more than four dozen so-called 'tax extenders' that benefit particular individuals and business interests --- which would allow businesses and individuals to claim those tax breaks when filing their 2014 tax returns. Most of the renewed tax extenders, notably the research-and-development and tuition tax credits, expired at the end of calendar year 2013. [...] The measure extends for the 2014 tax year the following eight provisions that are aimed primarily at individuals, which JCT estimates would reduce revenue by nearly $8.2 billion over 10 years: [...] The 'above the line' deduction for qualified tuition and other related expenses for individuals below certain income levels, worth up to $4,000 ($300 million over 10 years)." The House passed the bill by a vote of 378 to 46. The Senate later passed the bill and it was sent to the president, who signed it into law. [House Vote 544, 12/3/14; Congressional Quarterly, 12/2/14; Congressional Actions, H.R. 5771]
House GOP Leaders Had Sought To Make Several Of The Expired Deductions And Credits Permanent. According to Congressional Quarterly, "Instead, GOP leaders brought to the floor, and the House passed, a series of tax bills to make a handful of the extenders permanent, including a modified child tax credit indexed to inflation (HR 4935), a modified tuition tax credit (HR 3393), a group of charitable tax provisions (HR 4719), bonus depreciation that allows businesses to immediately write off 50% of property investments (HR 4718), Section 179 expensing rules that allow small businesses to deduct the cost of certain purchases (HR 4457), S-corporation rules that benefit small businesses (HR 4453), and a modified research and development tax credit (HR 4438)." [Congressional Quarterly, 12/2/14]
The Senate Finance Committee Proposed Extending All Provisions For Two Years. According to Congressional Quarterly, "The Senate Finance Committee, meanwhile, reported out legislation (S 2260) that would renew the extenders for an additional two years, through 2015." [Congressional Quarterly, 12/2/14]
November 2014: Senate Democrats Sought Deal With House GOP Leaders To Make Some Business Provisions Permanent And Extend Most Others Through 2015. According to Congressional Quarterly, "Senate Democratic leaders began negotiations with House Republicans on a potential deal on extenders that would renew most for two years and make a number of provisions permanent --- at an overall cost of more than $400 billion over 10 years." [Congressional Quarterly, 12/2/14]
White House Opposed Proposed Deal, Argued That The Tax Provisions It Would Have Made Permanent Disproportionately Favored Businesses As Opposed To The Working Class. According to The New York Times, "With negotiators nearing an accord on permanent tax breaks for businesses worth $440 billion over 10 years, President Obama rallied Democratic opposition on Tuesday and promised a veto. 'The president would veto the proposed deal because it would provide permanent tax breaks to help well-connected corporations while neglecting working families,' said Jennifer Friedman, a White House spokeswoman. [...] But Mr. Obama's threat showed that he could still wield his authority as well. White House officials said the package, intended to avoid letting a host of politically popular tax breaks expire at the end of the year, is too heavily tilted toward corporations and will have deep repercussions for budget and tax negotiations far into the future." [New York Times, 11/25/14]
New York Times: GOP Dropped Provisions Making Permanent An Expansion Of The Earned Income And Child Tax Credits As "Payback" For Obama's Immigration Executive Orders. According to The New York Times, "The emerging tax legislation would make permanent 10 provisions, including an expanded research and development tax credit, which businesses and the Obama administration have wanted to make permanent for years; a measure allowing small businesses to deduct virtually any investment; the deduction for state and local sales taxes; the American Opportunity Tax Credit for college costs; deductions for employer-provided mass transit; and four different breaks for corporate and charitable giving. [...] Left off were the two tax breaks valued most by liberal Democrats: a permanently expanded earned-income credit and a child tax credit for the working poor. Friday night, Republican negotiators announced they would exclude those measures as payback for the president's executive order on immigration, saying a surge of newly legalized workers would claim the credit, tax aides from both parties said." [New York Times, 11/25/14]
House GOP Leaders Then Pushed Issue To 2015 By Proposing This One-Year Tax Provision Extension Bill. According to Congressional Quarterly, "Upon their return from Thanksgiving recess this week, House leaders announced plans for a simple one-year tax extenders package --- which would require Congress to revisit the issue in 2015." [Congressional Quarterly, 12/2/14]