[Congressional Record Volume 151, Number 121 (Monday, September 26, 2005)]
[Senate]
[Page S10435]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. OBAMA (for himself, Mrs. Murray, Mr. Corzine, Mr. Kerry, 
        and Mr. Levin):
  S. 1770. A bill to amend the Internal Revenue Code of 1986 to provide 
for advance payment of the earned income tax credit and the child tax 
credit for 2005 in order to provide needed funds to victims of 
Hurricane Katrina and to stimulate local economies; to the Committee on 
Finance.
  Mr. OBAMA. Mr. President, I rise to speak in support of the 
``Hurricane Katrina Fast-Track Refunds for Working Families Act of 
2005,'' a bill I am introducing with Senators Murray, Corzine, Kerry, 
and Levin to accelerate the Earned Income Tax Credit and the Child Tax 
Credit for some of the neediest victims of Hurricane Katrina.
  A few weeks ago, I visited some of the victims who had been evacuated 
to the Reliant Center in Houston. These families have nothing left. 
Imagine having nothing left. All their belongings have been destroyed 
or washed away and most of their jobs have simply vanished.
  We have done a lot of good work here in the Senate so far to bring 
tax relief and emergency support to these families. And many of us are 
hard at work now developing strategies for the long-term rebuilding of 
the Gulf Coast in such a way that doesn't re-create the poverty and 
inequality of the past but instead builds a more hopeful region with 
greater opportunity for all of its residents.
  But there is more we can do quickly to help affected families 
reestablish and resettle their lives and also to stimulate their local 
economies. In the past we have accelerated tax refunds with the goal of 
economic stimulus. In 2001, Congress directed the IRS to provide an 
``advance tax rebate'' of 2001 taxes, and, in 2003, Congress 
accelerated the Child Credit. Now, with the dual goals of economic 
stimulus and support for needy Americans, we should do it again.
  Fast-tracking refunds will put money into the hands of parents that 
they can use for food, clothing, housing, transportation, medical 
services--whatever they need. How they spend the money is up to them. 
But it's up to us to make sure they get it as soon as possible. It's up 
to us to make sure the necessary outreach, systems, and delivery 
mechanisms are in place.
  And that's what this legislation does. It directs the Secretary of 
the Treasury to refund or credit eligible taxpayers from the affected 
region as rapidly as possible and to take the steps necessary to get 
the funds into the hands of eligible recipients. Companion legislation 
has been introduced by Reps. Emanuel, Melancon, Taylor, and Lewis in 
the House of Representatives.
  I urge my colleagues in the Senate to join me in supporting this bill 
now so we can quickly bring relief and support to those who have 
nothing left. The Earned Income Tax Credit and Child Tax Credit are 
designed to support working families with children. Let's fast track 
this support to help these families get back on their feet and help 
their communities rebuild themselves even stronger than before.
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