Volume 154, No. 99 covering the 2nd Session of the 110th Congress (2007 - 2008) was published by the Congressional Record.
The Congressional Record is a unique source of public documentation. It started in 1873, documenting nearly all the major and minor policies being discussed and debated.
“THE ENERGY INDEPENDENCE AND TAX RELIEF ACT OF 2008” mentioning the Environmental Protection Agency was published in the Senate section on pages S5651-S5652 on June 16, 2008.
The publication is reproduced in full below:
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 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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