Honoring The Dedication Of The Ball Family
Yes. Yes. I thank the Senator for his inquiry and can clarify that the Senator is correct that the current-law limitations that generally apply to tax credits under section 38 would not reduce the amount of credits eligible for transfer by…
Yes.
Yes.
I thank the Senator for his inquiry and can clarify that the Senator is correct that the current-law limitations that generally apply to tax credits under section 38 would not reduce the amount of credits eligible for transfer by the transferor of transferable tax credits under the bill and that the Treasury Department should issue technical guidance that reflects this intent.
I thank the Senator for her inquiry. That is correct. The credit is intended to incentivize production of biofuels of a certain quality, usable as fuel for highway vehicles or aircrafts, but not limited only to fuels which are actually used in highway vehicles or aircrafts.
Yes, regulations such as these would be in line with the legislative text and our intent for companies to be able to appropriately utilize foreign tax credits in the corporate alternative minimum tax.
I thank the Senator for his inquiry and can clarify that, for purposes of the corporate alternative minimum tax, Other Comprehensive Income is not included in financial statement income.
I thank the Senator for his inquiry. That is correct. The credit is intended for any eligible components produced and sold after December 31, 2022, regardless of the portion of the component that was produced before January 1, 2023.
Yes, we believe that Treasury will have authority to issue regulations dealing with potential issues with the ordering of the calculation of the credit under section 53 and the tax under section 59A. Regulations such as these would be in line with our intent in drafting the BEAT interaction provisions in the corporate alternative minimum tax.
A commercial lawn mower could qualify as mobile machinery, since it performs a similar operation to the purposes listed in the statute. Therefore, if such a vehicle met the other criteria for the qualified commercial clean vehicle credit, it would be eligible.
Mr. President, this amendment would strike a four-tenths- of-a-cent-per-gallon fee on Big Oil refiners that helps pay for the cleanup of toxic waste spills, especially important to our low-income, historically disadvantaged communities.
One expert analysis found that our bill is going to decrease the average household's energy costs by $500 per year. So, for many consumers, the Superfund fee would be less than $10 a year, a fraction of the savings from our bill.
I urge my colleagues to oppose the amendment.
Vote on Amendment No. 5301
Madam President, I rise in opposition to my friend's amendment. We all agree here that taxpayers with less than $400,000 in taxable income should not face a tax increase. And there is language already--and I would like to note this--in the enforcement section of the bill that says just that.
But the Crapo amendment goes much further than that. It applies--and I quote here--``to taxpayers with taxable income.''
And as Americans have learned recently, billionaires often have little or no taxable income for years on end.
So under this amendment, the billionaires who live off their borrowings would be immune from audit, and that would invite further tax avoidance.
I urge my colleagues to oppose this amendment.
Vote on Amendment No. 5404
Madam President, I gather that this is the first of the motions to commit this legislation back to committee.
I want my colleagues to understand what this is really all about. These motions to commit are motions to kill this bill, period. And what that means is: Let's try to do everything we can to delay Democrats from being able to deliver for the American people lower prescription drug costs for the elderly, lower healthcare premiums, lower carbon emissions, lower energy costs, less tax cheating by the wealthy.
The Senate ought to be moving this legislation forward instead of trying to kill the bill through these motions to commit.
One last point, I gather we are going to have a bit more of this discussion.
I ask unanimous consent for 30 seconds of additional time.
I urge opposition to the Scott proposal.
Vote on Motion to Commit
Mr. President, I oppose this amendment for two reasons. The first is, it would water down the new negotiations program, so it would be harder to negotiate over the most expensive drugs in Medicare today, including cancer drugs, which are at the top of our list. Second, it would water down the efforts at the Internal Revenue Service to beef up tax enforcement against wealthy tax cheats.
I would urge opposition to the Marshall amendment.
Vote on Amendment No. 5389
Mr. President, unfortunately, this amendment is just bad news. This amendment lowers capital gains taxes, and it is more tax giveaways to the most fortunate.
And if you are a wealthy tax cheat, you can rest easy because Republican budget cuts at the IRS mean you can get away with breaking the law scot-free. I urge my colleagues to vote no.
Mr. President, once again, this sends the bill back to committee and kills Democratic efforts to reduce the cost of prescription medicine, reduce health insurance premiums, reduce carbon emissions, and crack down on wealthy tax cheats. And if you are a wealthy tax cheat, you can rest easily because Republican budget cuts at the IRS mean that you can get away with breaking the law scot-free.
I urge my colleagues to vote no.
Madam President, what Americans don't want is wealthy tax cheats to be able to rest easy because Republican budget cuts to the IRS mean that they can get away with breaking the law scot-free.
And I want everybody in this body to understand that, on our watch at the Finance Committee, we are watchdogging this Agency every single day because there is no evidence of what the Senator from Texas has said is going on with respect to the privacy of innocent Americans, and on our watch it is never going to.
I urge opposition.
Vote on Amendment No. 5263
Madam President, the Senator from Georgia is absolutely right in his description of this moral abomination where the citizens he represents have no healthcare decency. And he is right that it stems from the decisions of Republican Governors. He is talking about individuals with too much to qualify for Medicaid and not enough to get ACA subsidies.
Tragically--and I have talked with my colleague about this--to preserve the rest of this bill's health, climate, and tax policy, it is just not possible--as much as I want it--to get this fixed today.
I will just close by saying to my colleague that I will work with him every day, day in and day out, until his citizens get the healthcare decency he so correctly calls for this morning.
Reluctantly, I oppose the amendment.
Mr. President, I rise in opposition to this amendment.
This, again, is about delay, about postponing, about putting off the job that needs to be done. What the focus of this bill is all about is cutting costs.
What I have said to colleagues--and my friend, the Presiding Officer of the Senate, knows this--is that our bill on prescription drugs kicks in this fall. We really kick in on the efforts to hold down price gouging when medicine is going up faster than the rate of inflation.
I urge my colleagues to oppose this. We can't afford any further delay in priorities like saving senior citizens from their medicine costs.