Baucus Condemns Senate's Second Refusal To Consider Tax Extenders

by Mike Godfrey, Tax-News.com, Washington

19 June 2008

Senate Finance Committee Chairman Max Baucus (D -Mont.) has condemned the US Senate's second refusal to consider a package of tax legislation which would extend personal and business tax breaks and provide tax incentives for renewable energy production.

“Senators who voted against this bill have once again disappointed millions of working American families that depend on these tax credits and incentives," Baucus commented following the second consecutive Senate failure to open the floor to debate of the legislation on Tuesday.

"This vote is a disappointment to all corners of the business community that rely on the research and development tax credit and other tax relief that helps them remain competitive at home and abroad. And this vote is a disappointment to future generations of Americans that desperately need new energy alternatives for their economic and national security,” he added.

Baucus introduced a substitute bill last week that contained tax relief for working families and businesses by extending tax incentives that expired at the end of 2007 or are set to expire at the end of 2008, such as the college tuition deduction, state and local sales tax deductions and business tax credits for research and technology innovation.

The Baucus bill would also block the Alternative Minimum Tax (AMT) from hitting millions of middle-income Americans that were never meant to pay the tax.

“I say again, it is unconscionable to refuse to proceed to at least debate a bill containing all these vital measures," Baucus argued.

"The Senate is letting down the country by missing this opportunity, but I will continue to fight for these provisions," he concluded.

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