RENEWABLE ENERGY AND JOB CREATION ACT OF 2008 -- (House of Representatives - May 21, 2008)
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Mr. PASCRELL. Mr. Speaker, I have a great deal of affection and I have a great deal of respect for the ranking member on the other side, but you are dead wrong on this.
First of all, you talk about this side of the aisle not being able to pass AMT. We did pass legislation, and your side sunk it. The alternative minimum tax would be gone, it would be abolished, there would be nada there, but you decided, for whatever reason, that you didn't want to pay for it. That's the problem.
Now, my friends on the other side of the aisle are determined not to support this legislation. It should be noted that entities such as Goldman Sachs--I mean, these are not, most of the time, our friends--Bank of America, Caterpillar, Ford, Deere, and Prudential disagree with you, and they publicly support the legislation.
Connect the dots here. After all, a number of important provisions, such as the critical research and development credit, the election to deduct State and local general sales tax, the 15-year straight-line cost recovery for qualified leasehold improvements, and the election to expense brownfields environmental remediation costs have already expired. These provisions are so important to American businesses and consumers, and the time to renew them is now.
There are a wide array of important provisions here, from renewable energy incentives to middle class tax cuts. I want to add how grateful we should all be to Chairman Rangel for his decision to include a 1-year extension on the active financing rules critical to global competitiveness of U.S. financial services and companies. Those companies in this country that export are at a tremendous disadvantage. We are not playing on a level playing field. Active financing rules provide American companies with the level playing field necessary to compete in the global marketplace. Most other countries don't try to extract any taxes on its companies' foreign-based operations.
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