Nanoscience to Commercialization Institutes Act of 2005

Mr. President, I am pleased to rise today with my colleague Senator Smith to introduce bipartisan legislation to improve important tax relief to volunteer firefighters and emergency first responders. Congressman John Larson of Connecticut has introduced similar legislation in the House of Representatives.

Seventy-five percent of firefighters and emergency first responders in our country today are volunteers. Statistics show that the number of volunteer firefighters and emergency first responders has declined in past years. Since 1983, the number of volunteer firefighters and emergency first responders has declined anywhere between 5 and 10 percent. Meanwhile, the number of emergency calls made to these volunteer services has increased sharply.

Many municipalities across the country, including those within the State of Connecticut, offer stipends and property tax abatements to volunteer firefighters, search and rescue personnel, emergency medical technicians, paramedics and ambulance drivers. These incentives have helped local fire departments and emergency first responder services recruit and retain volunteers.

In 2002, the Internal Revenue Service, IRS, ruled that property tax abatements to volunteers should be treated as wages and income. This ruling significantly diminished the net value of tax abatements for volunteer firefighters and emergency first responders.

The legislation that Senator Smith and I are introducing amends the Internal Revenue Code to exclude property tax abatements and stipends for volunteer firefighters and emergency first responders from the definition of income and wages. This bill would allow State and municipal governments to continue providing these incentives to their volunteer fighters and emergency first responders without any adverse federal tax implications.

I have long believed that our country should do more to encourage Americans to volunteer in their communities. A modest tax break is not a large repayment for the great services that volunteer firefighters and emergency first responders provide to our communities. They literally risk their lives daily for others. The least we can do is allow States and municipalities to offer these modest incentives to serve.

The current IRS rule--while on one level understandable--nevertheless complicates the good intentions and creative efforts of many states and municipalities. If our State and municipal governments are willing to forgo their local tax revenues in order to ensure that they have enough volunteer firefighters and emergency first responders to protect their communities, then our country should in my view support those State and local efforts. In so doing, our country will be acting to encourage and award volunteers.

I hope that our colleagues will join us in supporting this bipartisan legislation so that our national government can join with State and local governments to design and implement recruiting and retention initiatives that benefit not only volunteer firefighters and emergency first responders, but also the communities they protect.

I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise today with Senator Cantwell to introduce the Nanoscience to Commercialization Institutes Act of 2005.

Still in its infancy, nanotechnology is an exciting technology with a bright future and the potential to have a significant impact on the economy, global competitiveness and the quality of life for our citizens.

The advent of nanotechnology is creating opportunities in any array of industries with applications ranging from improving the performance of sports equipment used in recreation activities to life-saving medical applications used to combat deadly diseases such as cancer.

Many promising technological advances have already begun to take shape in the world of micro- and nanotechnology and countless more potential future applications exist in fields such as medicine, electronics, energy to name a few.

However, many times innovative research becomes victim of the ``Valley of Death'' by failing to advance from the research labs to application in commercial products and services.

My bill will establish up to eight Nanoscience to Commercialization Institutes across the country, each focusing on a specific field of expertise including areas such as energy, electronics, agriculture, medical, textiles and transportation with the purpose of developing and bridging research to the marketplace.

My bill is aimed at narrowing this so-called ``Valley of Death,'' by focusing on bringing research to commercialization. To reach this objective, my bill contains provisions requiring these institutes to partner with private sector entities with experience in micro- and nanotechnology and for each institute to develop and maintain business plans.

My bill will create additional avenues for entities that are engaged in micro- and nanotechnologies to develop research for application in commercial products and services that will ultimately contribute to sustained economic development, an improved quality of living and increased U.S. global competitiveness.

The competitive landscape of nanotechnology is global in nature. Other countries, such as Japan and China are making tremendous investments and advances in various specialties of nanotechnology to gain competitive advantages. It is critical the U.S. demonstrate its global leadership role by further advancing opportunities to advance micro- and nanotechnology to commercial applications.

The future of nanotechnology is a bright future and its potential boundless. The legislation that I am introducing today with Senator Cantwell supports and encourages the advancement of this exciting technology. I urge my colleagues to support the Nanoscience to Commercialization Institutes Act of 2005.

I ask unanimous consent that the text of the bill be printed in the Record.

Mr. President, I rise today with Senator Cantwell to introduce the Nanoscience to Commercialization Institutes Act of 2005.

Still in its infancy, nanotechnology is an exciting technology with a bright future and the potential to have a significant impact on the economy, global competitiveness and the quality of life for our citizens.

The advent of nanotechnology is creating opportunities in any array of industries with applications ranging from improving the performance of sports equipment used in recreation activities to life-saving medical applications used to combat deadly diseases such as cancer.

Many promising technological advances have already begun to take shape in the world of micro- and nanotechnology and countless more potential future applications exist in fields such as medicine, electronics, energy to name a few.

However, many times innovative research becomes victim of the ``Valley of Death'' by failing to advance from the research labs to application in commercial products and services.

My bill will establish up to eight Nanoscience to Commercialization Institutes across the country, each focusing on a specific field of expertise including areas such as energy, electronics, agriculture, medical, textiles and transportation with the purpose of developing and bridging research to the marketplace.

My bill is aimed at narrowing this so-called ``Valley of Death,'' by focusing on bringing research to commercialization. To reach this objective, my bill contains provisions requiring these institutes to partner with private sector entities with experience in micro- and nanotechnology and for each institute to develop and maintain business plans.

My bill will create additional avenues for entities that are engaged in micro- and nanotechnologies to develop research for application in commercial products and services that will ultimately contribute to sustained economic development, an improved quality of living and increased U.S. global competitiveness.

The competitive landscape of nanotechnology is global in nature. Other countries, such as Japan and China are making tremendous investments and advances in various specialties of nanotechnology to gain competitive advantages. It is critical the U.S. demonstrate its global leadership role by further advancing opportunities to advance micro- and nanotechnology to commercial applications.

The future of nanotechnology is a bright future and its potential boundless. The legislation that I am introducing today with Senator Cantwell supports and encourages the advancement of this exciting technology. I urge my colleagues to support the Nanoscience to Commercialization Institutes Act of 2005.

I ask unanimous consent that the text of the bill be printed in the Record.