[Congressional Record Volume 155, Number 185 (Thursday, December 10, 2009)]
[Extensions of Remarks]
[Page E2938]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       TAX EXTENDERS ACT OF 2009-

                                 ______
                                 

                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                      Wednesday, December 9, 2009

  Mr. HOLT. Mr. Speaker, I rise today in support of legislation that 
will extend tax relief to millions of Americans, the Tax Extenders Act 
of 2009. This bill will extend 40 tax cuts which are due to expire at 
the end of this year, many of which are important to businesses and 
families in Central New Jersey.


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  December 10, 2009 on Page E2938 the following appeared: Mr. 
HOLT. Madam Speaker, I rise today in
  
  The online version should be corrected to read: Mr. HOLT. Mr. 
Speaker, I rise today in


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  New Jersey has the highest property taxes in the country. While 
property taxes are assessed on a local basis to fund local services and 
schools, I have attempted at the federal level to provide some relief 
to homeowners. Earlier this year, I reintroduced the Universal 
Homeowner Tax Relief Act (H.R. 2725) which would extend the property 
tax deduction for American homeowners who don't itemize on their 
federal returns. I helped write this initiative to create an additional 
standard deduction of $500 for single filers and $1,000 for joint 
filers for local real property taxes paid. I am pleased that the bill 
before us today extends this deduction for the 2010 tax year and 
provides needed relief to the 30 million homeowners nationwide and an 
estimated 600,000 New Jerseyans who are due to lose this benefit this 
year.
  H.R. 4213 also includes $17 billion in tax cuts that would help 
American businesses create and preserve jobs during these difficult 
economic times. It would extend the low-income housing tax credit 
exchange program which has invested more than $3.7 billion in the 
construction of more than 49,000 low-income housing units nationwide. 
It will also invest $3 billion to encourage economic development in 
economically distressed communities.
  I especially support that H.R. 4213 would extend the research and 
development tax credit for an additional year. This tax credit is 
crucial in spurring private research and driving technological 
innovation and will support R&D at 11,000 American companies this year. 
This credit stimulates American made innovation and preserves and 
creates new high paying jobs in research and development. As important 
as the R&D tax credit has been, it has never been a permanent part of 
the tax code and has been allowed to expire several times, most notably 
in 2007. Congress should work to make this tax credit permanent in 
order strengthen the incentive for businesses to invest in long-term 
research by giving corporate leaders certainty that their research 
investments will be rewarded year after year.
  The Tax Extenders Act of 2009 also would extend the above-the-line 
deduction for qualified tuition and related expenses. This tax cut of 
up to $4,000 helps parents offset the rising cost of higher education 
and keeps a college degree within reach of many middle class families. 
H.R. 4213 also would extend the teacher tax credit that allows teachers 
to deduct up to $250 for purchasing classroom supplies for their 
students. More than 3.4 million teachers benefited from this tax credit 
this year.
  The Tax Extenders Act ensures that these tax cuts do not increase the 
deficit by providing the U.S. Treasury Department with significant new 
tools to find and prosecute U.S. individuals that hide assets overseas 
from the Internal Revenue Service.
  I am always looking to extend tax relief to New Jersey families. This 
bill does that in a fiscally responsible way.

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