Renewable Energy and Job Creation Act of 2008

Press Release

RENEWABLE ENERGY AND JOB CREATION ACT OF 2008 -- (House of Representatives - May 21, 2008)

BREAK IN TRANSCRIPT

Mr. DAVIS of Alabama. Mr. Speaker, let me address the contingency fee provision that has come up several times.

Mr. McCrery, I agree with you that contingency fee lawyers are a very, very narrow class of people. They are the only major business in America that gets paid solely based on how effective they are. If they earn nothing for their client, they get nothing in the way of compensation.

Another fact for my friends on the minority: Contingency fee lawyers are small business owners who run up expenses, like every other small business in America. Simple tax fairness says they ought to be able to take the expenses when the expenses occur. That is how we grow businesses in America, we give people a chance to use the Tax Code to grow. And if every other business in America can take a deduction for expenses in the year in which you incur the expense, how dare we single out one class of small business owners and treat them differently.

This provision is a simple clear matter of tax equity.

BREAK IN TRANSCRIPT

Source