Baucus Introduces Energy, Tax Extenders

Fiscally responsible legislation protects taxpayers from AMT, renews alternative energy boosters, college tuition tax deduction, R&D credit

Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) today formally introduced the Energy Independence and Tax Relief Act of 2008, legislation that he unveiled on Tuesday of this week and that he intends to offer as a substitute bill to H.R. 6049 when the Senate proceeds to that legislation. The Baucus bill provides critical tax relief for America’s 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 legislation would also facilitate independent energy solutions, such as 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 to get this done for the working families and businesses that depend on these tax cuts and incentives like providing relief on college tuition or protecting middle-income
working families from the AMT. Continued support from all sectors of the business
community keep me hopeful that my Senate colleagues will weigh the importance of this bill for our nation’s energy future and the millions of working American families and
businesses that depend on these provisions,” Baucus said. “Fiscally responsible, reasonable offsets and protection from the AMT for families are the right choice for America, and particularly good reasons why Senators should support this bill at the next opportunity.”

A staff summary of the bill’s elements can be found in the printer-friendly version
of this release.

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