‘At a time of high economic anxiety, this tax relief extension bill encourages greater energy independence, delivers much-needed relief to job creators across the country, and it ensures a much smaller tax bill for millions of American families’



WASHINGTON, D.C. – U.S. Senate Republican Leader Mitch McConnell delivered the following remarks on the Senate floor Tuesday regarding tax relief and renewable energy:



“The taxpayer can claim a major accomplishment today. At a time of high economic anxiety, this tax relief extension bill encourages greater energy independence, delivers much-needed relief to job creators across the country, and it ensures a much smaller tax bill for millions of American families.



“The Senate had been deadlocked on the provisions contained in this bill for months. But in the end, senators on both sides of the aisle shut out the partisan rancor of the presidential election, hammered out a compromise, and delivered. And the result is a tribute to all the senators and the many staffers on both sides who worked so hard to get us here.



“This legislation does a number of good things.



“It blocks the Alternative Minimum Tax from hitting about 20 million middle class American families — including 137,000 in Kentucky — from an average tax hike of $2,000, and doesn’t raise taxes to do it.



“It helps American families who are struggling to cover the high cost of a college education by giving single parents and married couples a deduction of between $2,000 and $4,000 for college tuition payments through 2009.



“And teachers will continue to get a valuable deduction for educational expenses.



“Research and development — the heart of future growth — is encouraged.



“And at a time of record high energy prices, this bill contains a number of incentives for increasing the use of clean energy and decreasing our dependence on Middle East oil.



“It extends a tax credit for companies that produce renewable energy from wind, solar, and biomass.



“Domestic carmakers get a new tax credit for investing in plug-in electric cars and trucks.



“Families that build energy efficient homes will see substantial savings on their utility bills when they buy energy efficient freezers, dishwashers, and other energy efficient, common household appliances.



“And refineries that process shale or tar sands will also see help — a critical new step in expanding domestic energy exploration and development.



“From a Kentucky standpoint, I recently met with a group of business leaders from Western Kentucky who are pursuing a coal-to-liquids refinery in Paducah that could lead to more than 1,100 new jobs for Kentuckians. They viewed extension of the expiring tax incentives for refinery construction as an incredible economic development tool, and an important step towards energy independence by using abundant Kentucky coal. And I was happy to help.



“Taken together, the tax extenders in this bill amount to more than $100 billion in tax relief for American workers and job-creating businesses. And they provide much-needed certainty to a nation that’s faced enough uncertainly in recent weeks — by ensuring that this relief stays in place through next year.



“This bill wasn’t easy to complete. Both sides had to make major concessions to get a good result. But this is how the Senate works. With this bill, it worked well. And both sides can take credit. This tax relief will help the American people at a moment when they can truly use the help.”





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