[Congressional Record (Bound Edition), Volume 157 (2011), Part 15]
[Senate]
[Page 21348]
[From the U.S. Government Publishing Office, www.gpo.gov]




                        EXPIRING TAX PROVISIONS

  Mr. BAUCUS. Mr. President, in only two weeks, many critical tax 
incentives will expire. These provisions are vitally important to many 
families and businesses. Once again, Congress is leaving town without 
taking care of business. Once again, Congress is creating uncertainty. 
During these tough economic times, uncertainty in the tax arena is the 
last thing that Americans need.
  Today families are struggling because of lost jobs and high costs. 
Extending expiring tax incentives will help many American families get 
through these tough times.
  For example, with the rising cost of a higher education, families 
need help to cover their costs. The Tax Code includes a tuition 
deduction to assist college students with the rising cost of tuition. 
In 2009, about 2.4 million families took this much needed benefit.
  Also expiring is a provision that gives tax relief to the people that 
we trust with America's future, our children. Many teachers dedicated 
their lives to educating our young people. To further this endeavor, 
teachers take money from their own pockets to buy supplies for the 
classroom. Many do not get much help with these costs. The least we can 
do is provide a little tax relief. This bill would extend the teacher 
expense deduction. Over 3.8 million families took this deduction in 
2009.
  There are also several provisions expiring that benefit American 
businesses. Without the tax incentives, businesses will have less 
certainty and fewer tools to compete in the global arena. This will 
further hamper job creation and growth.
  One such incentive is the research and development credit. The 
provision rewards companies that strive to create new and improved 
products and services by performing research and development. The 
extension of the R&D credit is essential to American businesses being 
competitive in the global market. The extension of the R&D credit will 
boost America's economy and create good-paying jobs.
  There are also several provisions expiring that incentivize 
businesses to invest in alternative fuel sources. For example, the 
dollar-per-gallon credit for biodiesel and renewable diesel helps move 
us to a cleaner and more energy independent future.
  These are just a few of the provisions that must be renewed each 
year. Members on both sides of the aisle worked hard to extend these 
and many other provisions before the end of the year. We must continue 
to work to get these provisions extended so that American businesses 
and families can continue to receive these tax incentives. We must not 
keep people in limbo. That is one of the very first and highest 
priorities we have when we come back in session in January.
  I have been working with ranking member Hatch for more than a year 
now on broad-based, fundamental tax reform. That reform is much needed 
and long overdue. A bedrock principle for reform is to increase the 
certainty that Americans have in what their tax laws will be from year 
to year. So we will work hard to eliminate temporary provisions that 
are dependent on the whim of Congress at the end of each year for 
renewal. In the interim, it is time to extend these provisions.

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