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Washington, D.C. – Majority Whip Kevin McCarthy (CA-23) released the following statement on passage of H.R. 4718, a bill to improve and make permanent bonus depreciation:

“Our tax code currently puts American businesses at a considerable disadvantage to global competitors. Our economy remains on unsettled ground, GDP in the first quarter of this year shrank by 2.9 percent, and recent job reports reflect uneasiness with the true health of our economy.

“The ability to succeed in America is based upon the freedom to take a risk that your idea or enterprise will find success. Policies that get in the way of that run counter to the very ideals this nation was founded on.

“That is why I welcome the bipartisan passage of H.R. 4718 to make permanent bonus depreciation, which enables business owners to make the necessary investments today to grow their companies.

“I want to thank my good friend from Ohio, Mr. Tiberi, for authoring this legislation and also want to express my continued gratitude to Ways and Means Chairman Dave Camp, for his leadership on pro-growth tax policies that will get our economy moving again.”