[Congressional Record Volume 154, Number 99 (Monday, June 16, 2008)]
[Senate]
[Pages S5651-S5652]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
THE ENERGY INDEPENDENCE AND TAX RELIEF ACT OF 2008
Mr. CARDIN. Mr. President. I must say I am puzzled why a Republican
minority voted last week to prevent the Senate from even proceeding to
the consideration of a bill--H.R. 6049, the Energy Independence and Tax
Relief Act of 2008--designed to bring down sky-high oil and gasoline
prices, promote clean and renewable energy, create good jobs here in
America, and put our Nation on a path to energy security. I am equally
puzzled at the opposition to the provisions being paid for by closing a
tax loophole on offshore income made by hedge fund managers. The
American people need our help and we have a bill that would provide
much needed relief to American families and yet we can't even get
enough votes to legislate on the bill.
The price of crude oil on the spot market is approaching $140 per
barrel, nearly double the price of 1 year ago. When President Bush took
office, a gallon of regular gas cost $1.46 and a gallon of diesel fuel
cost $1.53. Today, those prices are at all-time highs, with regular gas
costing $4.02 per gallon and diesel fuel costing $4.77 per gallon. A
new poll indicates that 60 percent of Americans are reducing spending
on other priorities because of rising gas prices. One-half of all
households with incomes below $20,000 say they face severe hardships
because of soaring gas prices. Clearly, the status quo is intolerable,
but the minority won't even let the Senate consider bills to address
these problems, much less pass them. As I said, I find that puzzling.
Generally speaking, the legislative process works best when we are
actually legislating.
Last week, the Senate fell 10 votes short of invoking cloture on the
motion to proceed to H.R. 6049. I am pleased to see that we are going
to try again to invoke cloture; I hope we prevail this time. In
addition to promoting our Nation's energy security, this bill provides
critical tax relief for families and businesses, which is why I am a
cosponsor of substitute amendment Senator Baucus hopes to offer to this
bill if we can get to it.
The Energy Independence and Tax Relief Act of 2008 provides
approximately $18 billion in tax incentives for investment in renewable
energy, energy efficiency and conservation, carbon capture and
sequestration demonstration projects. One provision of the bill
specifically authorizes $2 billion for new clean renewable energy
bonds. These bonds are essential in helping finance facilities that
generate electricity from alternative resources like: wind, small
irrigation, geothermal, hydropower, and landfill gas or trash
combustion facilities.
The bill also provides tax credits for renewable energy production,
solar energy and fuel cell investment and tax credits for energy-
efficient commercial buildings. Buildings account for over one-third of
America's consumption, 49 percent of sulfur dioxide emissions, 25
percent of nitrous oxide emissions, and 10 percent of particulate
emissions, all of which damage urban air quality. They also produce 38
percent of the country's carbon dioxide emissions--the chief pollutant
blamed for climate change. By changing the way buildings operate, we
can change our ``carbon footprint'' on the Earth.
In addition to helping companies explore the use of alternative fuels
and energy saving products, we must also act individually. Recognizing
this, Senator Baucus's legislation also provides incentives for
individual taxpayers. The bill incorporates tax credits for energy
efficient appliances in homes and energy efficient improvements to
existing and new homes. If just 1 in 10 homes used ENERGY STAR-
qualified appliances, a joint program between the U.S. Environmental
Protection Agency and the U.S. Department of Energy, the effect would
be like planting 1.7 million new acres of trees. Additionally, by
making homes more energy efficient, we generate less air pollution and
reduce high energy bills. Most of the energy used in our homes often
comes from the burning of fossil fuels at powerplants, which
contributes to acid rain and smog. By improving your home, whether by
the appliances you choose or energy efficient remodeling, you take an
important step forward in protecting the environment.
The bottom line is that we have to conserve oil by using it more
efficiently, and we have to find domestic alternatives to oil. The
benefit of doing that, in addition to bolstering national
[[Page S5652]]
security and our economy, is that using less oil and gas reduces the
greenhouse gas emissions that are contributing to global climate
change. This is why renewable energy incentives are essential.
In addition to many energy provisions that will help put America on
track to energy independence, the bill also incorporates about $27
billion in several vital tax extensions for American families and
businesses. In order for our country to remain a leader we must
continue to be competitive. This is why the research and development
tax credit is essential. As a long time supporter of the R&D tax
credit, I am glad to see its inclusion into this legislation. This
credit allows for companies to plan long term projects which translate
into new technologies and new jobs. In 2005, 856 Maryland firms
reported R&D activity to the IRS. My goal is to increase that number. I
want more businesses--not only in Maryland, but across the country--
participating in research and development for our Nation.
The bill also extends tax provisions for tuition expenses, out-of-
pocket expenses for teachers, deductions for State and local sales
taxes, and real property tax relief for nonitemizers. It also expands
the child tax credit to help more than 13 million children and their
families. Specifically, the bill extends the above-the-line deduction
up to $250 for education expenses for all elementary and secondary
teachers. It also provides aid for the rising costs of tuition. By
providing an above-the-line deduction of $2,000 or $4,000, depending on
income, for qualified higher education expenses, we help alleviate the
burden of rising education costs for American families. The bill also
expands the child tax credit to help more than 13 million children and
their families. The bill also extends the option for taxpayers to take
an itemized deduction for State and local general sales taxes, and
provides a 1-year deduction of $350 for property taxes for nonitemizing
taxpayers.
Senator Baucus has also included a very important provision that
places a 1-year ``patch'' on the alternative minimum tax, AMT. This
provision translates into helping millions of Americans across the
country and specifically hundreds of thousands of Marylanders. The bill
increases the exemption amounts to $46,200 for individuals and $69,950
for married couples. It also allows personal credits to be used against
the AMT. This provision is essential, otherwise American families will
fall victim to a tax that we never intended them to have to pay.
This bill will provide good jobs here at home, put us on a path
toward sustainable energy security, and combat global climate change. I
hope we will be allowed to consider this measure. The American people
sent us here to do a job: to legislate. If we can't even get to this
bill, we are not doing our job.
I yield the floor.
The PRESIDING OFFICER. The majority leader is recognized.
Mr. REID. Mr. President, as some of us who are not in this building
know, there is a raging storm outside. But it is all over the Eastern
part of the country. I got a call from one Senator stuck at a small
airport in northern New York. We have calls from all over the country
that airplanes are messed up. La Guardia is not going to have anything
going until 11 o'clock. When things back up there, it affects the whole
country. So we would wind up probably with 20 Senators missing the vote
at 5:30.
So I have spoken to the Republican leader. We both think for the
safety of Members, if nothing else--which there is plenty else--but for
the safety of Members, so they can kind of calm down and not try to do
things they should not do at this last hour or so--I ask unanimous
consent that the previously scheduled vote on cloture, which was
scheduled at 5:30 p.m., today, be delayed to occur at 2:15 p.m.
Tuesday, June 17.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. BROWN. Mr. President, I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll of the Senate.
The assistant legislative clerk proceeded to call the roll.
Mr. BROWN. Mr. President, I ask unanimous consent that the order for
the quorum call be rescinded.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. BROWN. Mr. President, I ask unanimous consent to vitiate the
order for the remaining debate time.
The PRESIDING OFFICER. Without objection, it is so ordered.
Mr. BROWN. Mr. President, I suggest the absence of a quorum.
The PRESIDING OFFICER. The clerk will call the roll.
The assistant legislative clerk proceeded to call the roll.
Mr. WHITEHOUSE. Madam President, I ask unanimous consent the order
for the quorum call be rescinded.
The PRESIDING OFFICER (Ms. Stabenow). Without objection, it is so
ordered.
____________________