Mr. President, I ask unanimous consent to engage in a colloquy with Senator Wyden for clarification regarding a tax provision included in the bill currently before the Senate. Section 13704 of the bill, which concerns production credits…
Mr. President, I ask unanimous consent to engage in a colloquy with Senator Wyden for clarification regarding a tax provision included in the bill currently before the Senate. Section 13704 of the bill, which concerns production credits for biofuels, defines ``transportation fuel'' that can qualify for the credit as a fuel that is suitable for use as a fuel in a highway vehicle or aircraft. The fuel must also be below a carbon emissions ceiling and meet a processing requirement.
Senator Wyden, as chair of the Finance Committee, is it his understanding that, although a fuel must be suitable for use as a fuel in a highway vehicle or aircraft to qualify for this biofuel production credit, it may still actually be used for any business purpose, including as transportation fuel, industrial fuel, or for residential or commercial heat?
I thank the chair for that clarification and for engaging in this colloquy.
Mr. President, I call up amendment No. 5469, and I ask that it be reported by number.
Mr. President, this is a commonsense, straightforward amendment to strike the surcharge on barrels of oil, and I urge my colleagues to vote yes.
Mr. President, I will note the inaccuracy of what was said on the floor about the substance of this.
Mr. President, pursuant to section 904 of the Congressional Budget Act of 1974 and the waiver provisions of applicable budget resolutions, I move to waive all applicable sections of that Act and applicable budget resolutions for purposes of the pending amendment, and I ask for the yeas and nays.