[Congressional Record (Bound Edition), Volume 154 (2008), Part 9]
[Senate]
[Pages 12530-12531]
[From the U.S. 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

[[Page 12531]]

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 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.

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