Larsen Supports Paid-For Tax Bill to Protect U.S. Businesses from Trade Sanctions

Title: Larsen Supports Paid-For Tax Bill to Protect U.S. Businesses from Trade Sanctions
Date: 10/7/2004
Location: Washington, DC

Washington, D.C. - Tonight U.S. Rep. Rick Larsen (WA-02) voted in support of a conference report on the American Jobs Creation Act of 2004 (H.R. 4520). The World Trade Organization ruled that existing export subsidies are illegal. Subsequently, the European Union placed sanctions on U.S. exports. This revenue-neutral bill that provides $137 billion in corporate incentives will fix the subsidy problem and help American businesses. Larsen released the following statement on the bill:

"Tonight we passed a bill to address the World Trade Organization (WTO) complaints against U.S. subsidies for manufacturing. It is not a perfect bill, but it provides tax relief for U.S. companies to replace WTO non-compliant provisions. This will benefit companies like Boeing and Microsoft that export goods to other countries.

"Unlike the first version of the bill that I opposed in June, this modified bill fixes the problem without irresponsibly adding to the deficit.

"I was especially pleased to see that the bill provides sales tax deduction for Washington state taxpayers for two years. I will continue working with my Washington state colleagues to make sales tax deduction permanent.

"Washington is the most trade-dependent state in the nation. With one out of every three jobs in Washington state relying on trade, our businesses and workers are counting on Congress to get these sanctions lifted. Tonight's bill, while far from perfect, gets the job done."