[Congressional Record Volume 144, Number 144 (Monday, October 12, 1998)]
[Extensions of Remarks]
[Page E2096]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                  PASSAGE OF TAX EXTENSION LEGISLATION

                                 ______
                                 

                          HON. ROSA L. DeLAURO

                             of connecticut

                    in the house of representatives

                        Monday, October 12, 1998

  Ms. DeLAURO. Mr. Speaker, I am pleased to support this tax extender 
legislation, which will continue important tax benefits for businesses 
and individuals.
  This bill extends the research and development tax credit, which 
encourages the development of cutting edge technology and supports the 
creation of high paying, good jobs in states like Connecticut. From the 
defense industry to the biotech industry to software development, this 
tax credit plays an important role in maintaining US leadership in the 
world economy and helping our firms compete against their global 
rivals.
  I am also pleased that this bill extends the Work Opportunity Tax 
credit, to create incentives that help businesses, particularly small 
businesses, afford new staff and help move people from welfare to work. 
Likewise, the permanent extension of income averaging for farmers will 
help family farms to sustain their businesses through the swings of 
income which so many farms experience from year to year.
  This bill also accelerates the phase-in of duductions of health 
insurance premiums for the self-employed. Under this bill, 75% of the 
cost of health insurance can be deducated in 2002, and 100% can be 
deducated in 2003. For too many self-employed individuals find the cost 
of health insurance prohibitive, and this legislation will assist them 
in obtaining the health coverage that they and the families which 
depend on them need and deserve.
  I am pleased to support this bipartisan bill, which will strengthen 
businesses, particularly small businesses, and help them to improve 
their competitiveness and to hire more employees at livable wage. And I 
look forward to working with my colleagues in the early months of the 
next legislative session to strengthen the Social Security retirement 
Trust Fund, so that we can enact broad-based tax relief for all working 
families.

                          ____________________