Washington, DC - Senate Finance Committee Chairman Max Baucus (D-Mont.) today unveiled a substitute amendment to H.R. 6049, the Renewable Energy and Jobs Creation Act of 2008, that proposes alternative energy solutions and important tax relief for America’s working families, including protection against the Alternative Minimum Tax (AMT). The Baucus-led bill extends tax incentives that expired at the end of 2007 or are set to expire at the end of 2008, and translates into real savings on college tuition, state and local sales taxes, and business investments for individuals and companies alike. It encourages the production and use of wind and solar energy, biofuels and carbon sequestration technologies, and includes provisions to improve transportation and domestic fuel security, and energy and conservation efficiency.
“It’s time for Congress to end its bickering and finally pass this legislation. Extending these tax measures is simply sound economic policy," Baucus said. "Whether it’s offering a tax credit for making your home more energy-efficient, helping school districts with low-income populations make needed repairs, providing relief on college tuition, protecting middleincome working families from AMT, or extending business tax credits for important research and development, this is tax relief that will strengthen our economy and make a real difference right away for millions of Americans."
The cost of the package is fully offset by delaying a planned tax benefit that would give multinational corporations additional tax deductions in the U.S, and by requiring hedge fund managers to report and pay taxes on their compensation as they receive it, rather than storing it offshore to avoid taxes. The one-year AMT patch is not offset.
“Delaying tax breaks for multinational companies and asking hedge fund managers to pay taxes on their income like everyone else are common-sense reforms that can fund tax relief for countless American companies that need the research and development tax credit and accelerated depreciation that we are extending in this bill. Hundreds of business leaders across the country have already expressed their support for this legislation, and the Senate should get behind it too."
A staff summary of the bill’s elements is included in the printer-friendly version of this release.
Source: Ranking Member’s News
