Renewable Energy and Job Creation Act

Floor Speech

RENEWABLE ENERGY AND JOB CREATION ACT -- (Senate - September 24, 2008)

Mr. WHITEHOUSE. Madam President, I rise to applaud the Senate's passage yesterday, as part of the so-called tax extenders legislation, of important tax provisions that will move our Nation toward a green economy. But I also would like to reiterate my support for our budget pay-as-you-go rule and to express my disappointment that a nonoffset version of the so-called alternative minimum tax, AMT, patch was part of the tax package the Senate passed.

With our national debt level at a record high, and growing by the day, responsible governing requires that we balance new spending and revenue reductions with decreased spending or revenue increases. I am proud to have supported Senator Conrad's amendment to the tax extenders package that would have provided for the extension of the AMT patch and other tax extenders on a fully offset basis. I also supported Senator Conrad's effort to raise a point of order under the Senate rules against the extenders amendment which was not fully offset.

Although I strongly prefer Senator Conrad's approach of abiding by our budget rules, I decided to support final passage of the partially offset tax package because of the many critical energy tax provisions in the bill. I have been a strong proponent of growing our green economy, which will both help us combat global climate change and encourage investment in new technologies that will create jobs and strengthen our position in the world economy. This tax extenders package includes extensions of incentives for renewable energy, such as wind, solar, and geothermal, and the extension of the research and development tax credit on which businesses in Rhode Island and across the Nation have come to depend. In addition, the legislation that we passed yesterday includes a mental health parity law long championed by Congressman Patrick Kennedy of my State of Rhode Island and his father, Senator Edward Kennedy. This landmark provision will ensure that health insurers provide mental health patients with quality coverage and will go down as one of the signature accomplishments of this Congress. I want to take this opportunity to congratulate Congressman Kennedy and the other architects of this important tax legislation.

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