OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

Making Appropriations for Science, the Departments of State, Justice, and Commerce, and Related Agencies for Fiscal Year 2006

Date: Sept. 14, 2005
Location: Washington, DC
Issues: National Security Taxes


MAKING APPROPRIATIONS FOR SCIENCE, THE DEPARTMENTS OF STATE, JUSTICE, AND COMMERCE, AND RELATED AGENCIES FOR FISCAL YEAR 2006

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Mr. GRASSLEY. Mr. President, last night, Senator Baucus and I introduced a package of tax relief measures designed to help the victims of Hurricane Katrina both in the short and long term. We know that tax incentives helped to revitalize New York after 9/11. They can do the same for New Orleans, Gulfport, and the other hurricane-hit areas. We're pleased that members of the affected region join us in this effort including Senators Lott, Landrieu, Vitter, Cochran, and Shelby.

The immediate relief package that we are announcing today will help get short-term aid to hurricane victims by encouraging food donations and the employment of displaced individuals, for example. For those who have suffered casualty losses, we have liberalized the tax rules to permit affected taxpayers to deduct losses from damaged property. We also want to help protect Katrina victims from undeserved IRS harassment.

We expect to see prompt action by Congress on this tax relief package. We need to get these tax incentives on the books and help Katrina victims make a fresh start.

After this package is completed, our focus will be on longer term tax incentives to help rebuild homes and businesses. We are looking at depreciation changes, tax-exempt bond authority--arbitrage rebate--and enterprise-zone initiatives.

Life will never be the same for our fellow citizens in gulf region. And what we have all seen over the last 2 weeks will stay in the hearts and minds of all of us for years to come.

With this first initiative from the Finance Committee--and there will be more in other areas where we have jurisdiction--we want the victims in all of the affected areas to know that they can count on us to create a set of measures that wit1 help return vitality and vigor to the gulf region.

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