[Congressional Record Volume 155, Number 183 (Tuesday, December 8, 2009)]
[Senate]
[Pages S12710-S12713]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         STATEMENTS ON INTRODUCTED BILLS AND JOINT RESOLUTIONS

      By Mr. NELSON, of Nebraska:
  S. 2846. A bill to authorize the issuance of United States War Bonds 
to aid in funding of the operations in Iraq and Afghanistan; to the 
Committee on Banking, Housing, and Urban Affairs.
  Mr. NELSON of Nebraska. Mr. President, I rise today to introduce 
legislation to help finance the war effort without sharp tax increases 
or increased foreign borrowing, The United States War Bonds Act of 2009 
will authorize the Treasury to issue and market War Bonds to the 
American people to help finance the wars in Afghanistan and Iraq.
  I believe that we need shared sacrifice and fiscal discipline in 
financing the war effort. I don't believe our first instinct should 
always be a rush to tax. The government has gone to great lengths to 
address the economic downturn and adding new taxes right now could 
undermine those efforts. We need to work to reduce Federal spending 
wherever possible and reduce the growth in spending to finance the war.
  War bonds are a cost-effective way to reduce our dependence on 
foreign creditors and create an outlet for Americans to express their 
patriotism and support for our servicemembers and America's mission. 
War bonds allow us to borrow from ourselves, rather than other 
countries.
  This legislation finds a precedent in World War II savings bonds. 
From May 1, 1941 through December 1945, the War Finance Division and 
its predecessors were responsible for the sale of nearly $186 billion 
worth of government securities. Of this, more than $54 billion was in 
the form of War Savings bonds.
  Although the times and economic circumstances are different than the 
1940s, America's commitment to protecting freedom and our way of life 
has not waned. My hope is that we can tap into the same spirit of 
patriotism and create a sense of participation in the war effort akin 
to that shown by the greatest generation.
  The new military strategy increasing troops by 30,000 for Afghanistan 
announced last week by President Obama is estimated to cost $30 billion 
beyond the baseline for Iraq and Afghanistan funding, which stands 
around $130 billion for 2010. The United States public debt is 
currently more than $7.6 trillion and nearly $3.5 trillion--46 
percent--of the debt is held by foreign investors.While there are no 
simple solutions to our fiscal woes, while we endeavor to get our 
fiscal house in order, we must also be responsible borrowers and reduce 
our dependence on foreign creditors; this is a step in that direction.
                                 ______
                                 
      By Mr. WHITEHOUSE (for himself and Mr. Schumer):
  S. 2847. A bill to regulate the volume of audio on commercials; to 
the Committee on commerce, Science, and Transportation.
  Mr. WHITEHOUSE. Mr. President, I rise today to introduce the 
Commercial Advertisement Loudness Mitigation Act of 2009--the CALM Act. 
I want to thank my original cosponsor Senator Schumer for his support 
of this straightforward and commonsense legislation, which would 
require the Federal Communications Commission, FCC, to limit the volume 
of television advertisements to a level no louder than the average 
volume level of the programs during which the advertisements appear. 
This time for this Act is overdue. All too often over the years, 
Americans, sitting down after a long workday or workweek to enjoy their 
favorite television shows, have been assaulted by commercials at 
volumes that are degrees of magnitude louder than the shows themselves. 
The FCC first received enough complaints from viewers to look into the 
problem in the 1960s--when television was in its earliest stages--but 
technology did not exist to fix the problem. Each decade, as consumer 
complaints piled up, the FCC had to reexamine the loudness issue. 
Unfortunately, it took no action

[[Page S12711]]

even with the technology improved. The complaints continue to this day; 
in the 25 quarterly reports on consumer complaints released by the FCC 
since 2002, 21 have listed as a top complaint the loudness of 
television commercials.
  But now, with the digital transition complete and new broadcast 
technology available, we can finally take this long-overdue action. We 
now have a common digital platform used by all broadcasters, which 
presents a terrific opportunity to standardize the loudness of the ads 
broadcast into our living rooms. As Consumers Union, the nonprofit 
organization that publishes Consumers Report has stated, in testimony 
before the House of Representatives, ``the CALM Act provides an elegant 
and commonsense solution to finally ending a forty-five year consumer 
complaint in the United States.''
  The House has already begun its consideration of companion 
legislation, and I applaud the leadership of Representative Eshoo on 
this issue. The television industry has been deeply involved in the 
drafting of this legislation, and the standards it adopts are 
practicable, affordable, and effective. I hope my Senate colleagues 
will act quickly to pass the CALM Act and finally put an end to this 
longstanding irritation.
                                 ______
                                 
      By Ms. MURKOWSKI:
  S. 2849. A bill to require a study and report on the feasibility and 
potential of establishing a deep water sea port in the Arctic to 
protect and advance strategic United States interests within the 
evolving and ever more important region; to the Committee on Armed 
Services.
  Ms. MURKOWSKI. Mr. President, as you are undoubtedly aware, the U.S. 
is an arctic Nation. As such, the U.S. must ensure that not only its 
economic and environmental interests in the region are protected, but 
also its national defense and homeland security interests. While the 
U.S. maintains a strong working relationship with the 7 other arctic 
nations--Canada, Denmark, Finland, Iceland, Norway, the Russian 
Federation and Sweden--these nations also have their own interests to 
protect in the arctic region. Despite those relationships, the U.S. 
cannot assume that these nations will protect our interests in the 
region. The ability for the U.S. to project its territorial claims and 
protect its economic interests in the arctic will become increasingly 
important as the arctic shipping lanes become more accessible as the 
seasonal arctic ice decreases. With the high potential for increased 
and industrial and commercial activity in the arctic region, the U.S. 
must ensure that it is prepared to protect human life as well as the 
vulnerable arctic environment.
  With an expected increase in arctic activity on the horizon, the U.S. 
cannot wait until our interests in the region are threatened before we 
act. In that light, the Arctic Deep Water Sea Port Act of 2009 is a 
major step towards protecting vital U.S. interests in the region. The 
Arctic Deep Water Sea Port Act of 2009 directs the Secretary of 
Defense, in consultation with the Secretary of Homeland Security, to 
conduct a study to determine the feasibility of establishing a deep 
water port in the arctic to protect U.S. strategic interests in the 
region. As the lead Departments for National Defense and Homeland 
Security initiatives for the U.S., the Department of Defense and the 
Department of Homeland Security, while working alongside their 
subordinate agencies, are best suited for determining and implementing 
policy decisions that protect U.S. sovereignty and national security.
  This two-year study is designed to determine what strategic 
capabilities a deep water port could provide as well as an optimal 
location that would provide protection for a wide spectrum of U.S. 
initiatives. While studying the infrastructure needs for such a port, 
this study will also endeavor to determine the resource and timeframe 
needs to establish such a port, given the complex environmental 
constraints that the arctic marine environment provides. Upon 
completion of this study, the U.S. will be better positioned to 
understand the resource and development needs for the arctic region 
that are required to protect our interests in the region.
                                 ______
                                 
      Mr. GRASSLEY:
  S. 2851. A bill to make permanent certain education tax incentives, 
to modify rules relating to college savings plans, and for other 
purposes; to the Committee on Finance.
  Mr. GRASSLEY. Mr. President, today I am offering legislation to make 
permanent a number of education-related tax relief measures. My 
legislation also improves and makes permanent helpful provisions for 
529 plans and the American Opportunity tax credit for education.
  At the first hearing I held when I became Chairman of the Finance 
Committee in 2001, I made clear that education tax policy was a 
priority of mine. As Chairman, I was able to remove the 60-payment 
limit for deducting student loan interest and I was able to increase 
the income limits for that deduction. This was not the only time I 
fought hard to allow students to deduct their student loan interest. In 
1997, I was able to re-instate the student loan interest deduction that 
Congress had eliminated from our tax laws. However, the 60-payment 
limit on the deductibility of student loan interest remained. I ensured 
that the 2001 tax relief bill took care of that problem. Other 
incentives for education that I was able to enact into law in 2001 
included raising the amount that can be contributed to an education 
saving account from $500 to $2,000; making distributions from pre-paid 
college savings plans and tuition plans tax-free; and making permanent 
the tax-free treatment of employer-provided educational assistance. 
These tax policies and many others, including those for school 
renovations, repairs and construction, have proven their value to Iowa 
students in dollars and cents, year after year. The tax relief has 
delivered measureable educational assistance to Iowans and students and 
families nationwide, making education more affordable and accessible.
  One draw-back of enacting these provisions in the 2001 tax relief 
bill, however, is that there was a sunset provision attached to that 
entire piece of legislation. All of the tax relief needs to be made 
permanent. Especially the education-related tax provisions. That is 
what my bill today does. My bill makes these provisions permanent.
  It is no coincidence that I am introducing my education tax bill on 
the day the President of the United States talked about jobs. Our 
economy demands well-educated workers. The popularity of education tax 
incentives is good news for workers who find themselves unemployed or 
who want to go back to school to advance, or even change, their 
careers. Congress is willing to consider permanent tax relief for 
companies to buy machinery. Why isn't Congress willing to make an 
investment in people? That is what tax relief for education is. An 
investment in our future. It is just as important as job-creating tax 
incentives for businesses. Some will say we can't afford this, but we 
really can't afford to lose billions of dollars of help for Americans 
working hard to educate their kids.
  Education has made this country great. We should not let this 
opportunity pass us by. We should not let these education-related tax 
provisions expire. We should also continue to help make education 
affordable for families and students. This makes education accessible 
for all. I look forward to working with my colleagues on passing this 
bill.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 2851

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. AMENDMENT OF 1986 CODE.

       Except as otherwise expressly provided, whenever in this 
     Act an amendment or repeal is expressed in terms of an 
     amendment to, or repeal of, a section or other provision, the 
     reference shall be considered to be made to a section or 
     other provision of the Internal Revenue Code of 1986.

     SEC. 2. PERMANENT EXTENSION AND INCREASE OF AMERICAN 
                   OPPORTUNITY TAX CREDIT.

       (a) Permanent Extension of Credit; Increase of Credit 
     Amount.--Section 25A is amended--
       (1) by striking ``$1,000'' each place it appears in 
     subsection (b)(1) and inserting ``$2,000'',
       (2) by striking ``the applicable limit'' in subsection 
     (b)(1)(B) and inserting ``$4,000'',

[[Page S12712]]

       (3) by striking paragraph (4) of subsection (b),
       (4) by striking ``2 taxable years'' in the heading of 
     subparagraph (A) of subsection (b)(2) and inserting ``4 
     taxable years'',
       (5) by striking ``2 prior taxable years'' in subsection 
     (b)(2)(A) and inserting ``4 prior taxable years'',
       (6) by striking ``2 years'' in the heading of subparagraph 
     (C) of subsection (b)(2) and inserting ``4 years'',
       (7) by striking ``first 2 years'' in subsection (b)(2)(C) 
     and inserting ``first 4 years'',
       (8) by striking ``tuition and fees'' in subparagraph (A) of 
     subsection (f)(1) and inserting ``tuition, fees, and course 
     materials'',
       (9) by striking paragraphs (1) and (2) of subsection (d) 
     and inserting the following new paragraphs:
       ``(1) Hope scholarship credit.--The amount which would (but 
     for this paragraph) be taken into account under paragraph (1) 
     of subsection (a) for the taxable year shall be reduced (but 
     not below zero) by the amount which bears the same ratio to 
     the amount which would be so taken into account as--
       ``(A) the excess of--
       ``(i) the taxpayer's modified adjusted gross income for 
     such taxable year, over
       ``(ii) $80,000 ($160,000 in the case of a joint return), 
     bears to
       ``(B) $10,000 ($20,000 in the case of a joint return).
       ``(2) Lifetime learning credit.--The amount which would 
     (but for this paragraph) be taken into account under 
     paragraph (2) of subsection (a) for the taxable year shall be 
     reduced (but not below zero) by the amount which bears the 
     same ratio to the amount which would be so taken into account 
     as--
       ``(A) the excess of--
       ``(i) the taxpayer's modified adjusted gross income for 
     such taxable year, over
       ``(ii) $40,000 ($80,000 in the case of a joint return), 
     bears to
       ``(B) $10,000 ($20,000 in the case of a joint return).'',
       (10) by striking ``Dollar limitation on amount of credit'' 
     in the heading of paragraph (1) of subsection (h) and 
     inserting ``Hope scholarship credit'',
       (11) by striking ``2001'' in subsection (h)(1)(A) and 
     inserting ``2011'',
       (12) by striking ``the $1,000 amounts under subsection 
     (b)(1)'' in subsection (h)(1)(A) and inserting ``the dollar 
     amounts under subsections (b)(1) and (d)(1)'',
       (13) by striking ``calendar year 2000'' in subsection 
     (h)(1)(A)(ii) and inserting ``calendar year 2010'',
       (14) by striking ``If any amount'' and all that follows in 
     subparagraph (B) of subsection (h)(1) and inserting ``If any 
     amount under subsection (b)(1) as adjusted under subparagraph 
     (A) is not a multiple of $100, such amount shall be rounded 
     to the next lowest multiple of $100. If any amount under 
     subsection (d)(1) as adjusted under subparagraph (A) is not a 
     multiple of $1,000, such amount shall be rounded to the next 
     lowest multiple of $1,000.'',
       (15) by inserting ``of lifetime learning credit'' after 
     ``Income limits'' in the heading of paragraph (2) of 
     subsection (h),
       (16) by adding at the end of subsection (b) the following 
     new paragraphs:
       ``(4) Credit allowed against alternative minimum tax.--In 
     the case of a taxable year to which section 26(a)(2) does not 
     apply, so much of the credit allowed under subsection (a) as 
     is attributable to the Hope Scholarship Credit shall not 
     exceed the excess of--
       ``(A) the sum of the regular tax liability (as defined in 
     section 26(b)) plus the tax imposed by section 55, over
       ``(B) the sum of the credits allowable under this subpart 
     (other than this subsection and sections 23, 25D, and 30D) 
     and section 27 for the taxable year.
     Any reference in this section or section 24, 25, 25B, 26, 
     904, or 1400C to a credit allowable under this subsection 
     shall be treated as a reference to so much of the credit 
     allowable under subsection (a) as is attributable to the Hope 
     Scholarship Credit.
       ``(5) Portion of credit made refundable.--40 percent of so 
     much of the credit allowed under subsection (a) as is 
     attributable to the Hope Scholarship Credit (determined after 
     the application of subsection (d)(1) and without regard to 
     this paragraph and section 26(a)(2) or paragraph (4), as the 
     case may be) shall be treated as a credit allowable under 
     subpart C (and not allowed under subsection (a)). The 
     preceding sentence shall not apply to any taxpayer for any 
     taxable year if such taxpayer is a child to whom subsection 
     (g) of section 1 applies for such taxable year.'', and
       (17) by striking subsection (i).
       (b) Conforming Amendments.--
       (1) Section 24(b)(3)(B) is amended by striking ``25A(i)'' 
     and inserting ``25A(b)''.
       (2) Section 25(e)(1)(C)(ii) is amended by striking 
     ``25A(i)'' and inserting ``25A(b)''.
       (3) Section 26(a)(1) is amended by striking ``25A(i)'' and 
     inserting ``25A(b)''.
       (4) Section 25B(g)(2) is amended by striking ``25A(i)'' and 
     inserting ``25A(b)''.
       (5) Section 904(i) is amended by striking ``25A(i)'' and 
     inserting ``25A(b)''.
       (6) Section 1400C(d)(2) is amended by striking ``25A(i)'' 
     and inserting ``25A(b)''.
       (7) Section 6211(b)(4)(A) is amended by striking ``25A by 
     reason of subsection (i)(6) thereof'' and inserting ``25A by 
     reason of subsection (b)(5) thereof''.
       (c) Effective Date.--The amendments made by this section 
     shall apply to taxable years beginning after December 31, 
     2010.
       (d) Application of EGTRRA Sunset.--The amendment made by 
     subsection (b)(1) shall be subject to title IX of the 
     Economic Growth and Tax Relief Reconciliation Act of 2001 in 
     the same manner as the provision of such Act to which such 
     amendment relates.

     SEC. 3. PERMANENT EXTENSION OF CERTAIN EGTRRA PROVISIONS 
                   RELATING TO EDUCATION.

       (a) In General.--Title IX of the Economic Growth and Tax 
     Relief Reconciliation Act of 2001 shall not apply to the 
     amendments made by sections 401, 402, 411, 412, 413, and 431 
     of such Act.
       (b) Conforming Amendment.--Section 222 is amended by 
     striking subsection (e).
       (c) Effective Date.--The amendment made by subsection (b) 
     shall apply to taxable years beginning after December 31, 
     2009.

     SEC. 4. PERMANENT EXTENSION OF DEDUCTION FOR CERTAIN EXPENSES 
                   OF ELEMENTARY AND SECONDARY SCHOOL TEACHERS.

       (a) In General.--Subparagraph (D) of section 62(a)(2) is 
     amended by striking ``during 2002, 2003, 2004, 2005, 2006, 
     2007, 2008, or 2009'' and inserting ``after 2001''.
       (b) Effective Date.--The amendment made by this section 
     shall apply to taxable years beginning after December 31, 
     2009.

     SEC. 5. PERMANENT EXTENSION OF QUALIFIED ZONE ACADEMY BONDS.

       (a) In General.--Paragraph (1) of section 54E(c) is amended 
     by striking ``and, except as provided in paragraph (4), zero 
     thereafter'' and inserting ``and, except as provided in 
     paragraph (5), $700,000,000 for each calendar year 
     thereafter''.
       (b) Inflation Adjustment.--Subsection (c) of section 54E is 
     amended by adding at the end the following new paragraph:
       ``(5) Inflation adjustment.--In the case of any calendar 
     year after 2011, the $700,000,000 amount in paragraph (1) 
     shall be increased by an amount equal to--
       ``(A) such amount, multiplied by
       ``(B) the cost-of-living adjustment determined under 
     section 1(f)(3) for such calendar year by substituting 
     `calendar year 2010' for `calendar year 1992' in subparagraph 
     (B) thereof.
     If any increase determined under this paragraph is not a 
     multiple of $1,000,000, such increase shall be rounded to the 
     next lowest multiple of $1,000,000.''.
       (c) Credits Not to Be Stripped.--Section 54E is amended by 
     adding at the end the following new subsection:
       ``(e) Credits Not to Be Stripped.--Subsection (i) of 
     section 54A shall not apply with respect to any qualified 
     zone academy bond.''.
       (d) Davis-Bacon Rules Not to Apply to QZABs or School 
     Construction Bonds.--Section 1601 of the American Recovery 
     and Reinvestment Act of 2009 is amended by striking 
     paragraphs (3) and (4), by inserting ``and'' at the end of 
     paragraph (2), and by redesignating paragraph (5) as 
     paragraph (3).
       (e) Effective Dates.--
       (1) In general.--Except as provided in paragraph (2), the 
     amendments made by this section shall apply to obligations 
     issued after December 31, 2010.
       (2) Davis-bacon rules.--The amendments made by subsection 
     (d) shall apply to obligations issued after the date of the 
     enactment of this Act.

     SEC. 6. PERMANENT EXTENSION OF SCHOOL CONSTRUCTION BONDS.

       (a) In General.--Subsection (c) of section 54F is amended--
       (1) by striking paragraph (3),
       (2) by inserting ``and'' at the end of paragraph (1), and
       (3) by striking ``for 2010, and'' in paragraph (2) and 
     inserting ``thereafter.''.
       (b) Allocations for Indian Schools.--Paragraph (4) of 
     section 54F(d) is amended by striking ``for calendar year 
     2010'' and inserting ``for each calendar year after 2009''.
       (c) Extension of Small Issuer Exception.--
       (1) In general.--Clause (vii) of section 148(f)(4)(D) is 
     amended by striking ``$10,000,000'' and inserting 
     ``$15,000,000''.
       (2) Elimination of egtrra sunset.--Title IX of the Economic 
     Growth and Tax Relief Reconciliation Act of 2001 shall not 
     apply to the amendments made by section 421 of such Act.
       (d) Credits Not to Be Stripped.--Section 54F is amended by 
     adding at the end the following new subsection:
       ``(f) Credits Not to Be Stripped.--Subsection (i) of 
     section 54A shall not apply with respect to any qualified 
     school construction bond.''.
       (e) Effective Date.--The amendments made by this section 
     shall apply to obligations issued after December 31, 2010.

     SEC. 7. PERMANENT EXTENSION AND MODIFICATION OF SECTION 529 
                   RULES.

       (a) In General.--Clause (iii) of section 529(e)(3)(A) is 
     amended by striking ``in 2009 or 2010''.
       (b) Ability to Change Investment Options.--Subsection (e) 
     of section 529 is amended by adding at the end the following 
     new paragraph:
       ``(6) Allowable change of investment options.--A program 
     shall not fail to be treated as meeting the requirements of 
     subsection (b)(4) merely because such program allows a 
     designated beneficiary to change investment options under the 
     plan not more than 4 times per year.''.
       (c) Effective Dates.--
       (1) Extension.--The amendment made by subsection (a) shall 
     apply to taxable years beginning after December 31, 2010.
       (2) Investment options.--The amendment made by subsection 
     (b) shall apply to taxable years beginning after December 31, 
     2009.

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