OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Hearing of the Senate Finance Committee Conference Report on H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005

Date: May 9, 2006
Location: Washington, DC
Issues: Taxes


GRASSLEY SAYS TAX BILL AGREEMENT WILL HELP FAMILIES, SMALL BUSINESSES

Today a majority of conferees signed the conference report on H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005, and filed it with the House floor. Sen. Chuck Grassley, chairman of the Committee on Finance, and chairman of the conference committee, made the following comment on the conference report.

Statement of Chairman Chuck Grassley

Senate Committee on Finance

Conference Report on H.R. 4297, the Tax Increase Prevention and Reconciliation Act of 2005

Tuesday, May 9, 2006

The tax relief laws extended in this conference report are working to strengthen the economy and protect millions of families from footing a higher tax bill because of the Alternative Minimum Tax. Rolling back these widely-applicable tax relief measure would hurt the economy and mean less take-home pay for hard-working taxpayers. By acting on this tax reconciliation conference report, Congress will assist small businesses, encourage the kind of investment that creates jobs and makes our economy grow, and ensure more fair tax treatment for middle-income families who would otherwise be left to pay a tax intended for wealthy individuals. Ultimately, these temporary fixes need to become permanent law if Congress is serious about promoting economic growth and tax fairness.

In addition to the tax reconciliation conference report, Chairman Thomas and I have an understanding about how other expiring tax provisions will be extended in a second tax bill, including relief for college students paying tuition, teachers buying supplies for their classrooms, and the research and development of innovative ideas that benefit our society. The items in this second tax relief bill reflect additional tax policy priorities for both Republicans and Democrats in Congress, and I look forward to congressional action on the legislation as soon as possible.

http://grassley.senate.gov/index.cfm?FuseAction=PressReleases.Detail&PressRelease_id=5055&Month=5&Year=2006

arrow_upward