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U.S.
Senator Member: Finance, Agriculture, Energy, Ethics and Aging Committees |
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For Immediate
Release Tuesday, June 17, 2008 |
CONTACT:Stephanie Valencia – 202-228-3630 |
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| Sen. Salazar Votes to Create Tax Relief for American Families and Small Businesses WASHINGTON, DC – Today, United States Senator Ken Salazar voted to move to debate on the Renewable Energy and Job Creation Act (H.R. 6049), legislation which extends a set of bipartisan tax credits and deductions that either expired at the end of 2007 or are scheduled to expire at the end of 2008. This legislation also includes a package of new tax incentives designed to stimulate investment in renewable energy and energy efficiency. The legislation is fully offset and paid for. The vote to proceed to debate, which required 60 votes to pass, failed by a vote of 52 to 44. “I am disappointed that we were not able to consider this bill which, if enacted, would not only extend important tax relief and guarantee tax certainty for millions of American families and small businesses, but also create a set of new tax incentives that would help jumpstart the new clean energy economy. These tax incentives are particularly important for rural America where the production of clean and renewable energy will create thousands of new jobs and opportunities. “At a time when we need to get our economy moving again, these provisions would help our businesses innovate, raise needed capital, and remain competitive in the global marketplace. The incentives included in this package have consistently received bipartisan support from a majority of Senators, yet some members continue to block its consideration despite the fact that it is fiscally responsible. It is time for Congress to side with American families and business by passing this legislation and sending it to the President’s desk.” The bill would extend important
individual tax benefits, such as the deduction for state and local taxes,
the qualified tuition deduction, and the deduction for teachers’ out-of-pocket
expenses. The bill would also extend important business tax benefits,
such as the Research and Development tax credit and the New Markets
Tax Credit program. ###
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