Joint Statement of Senators Charles E. Grassley and Max Baucus Regarding Extending Expiring Tax Provisions
Although the House and Senate were not able to come to agreement on the parameters ofa tax extenders package before adjourning the first session of the 108th Congress, the various taxprovisions expiring at the end of this year must be addressed as soon as possible. Theseprovisions are important to our economy—not only because they help to create jobs but alsobecause they are used to address pressing national concerns.
We understand that the expiration of these provisions creates uncertainty and complexityin the tax law. Taxpayers need notice of the availability of these provisions to fully andeffectively utilize the intended benefits. Accordingly, we announce today our intention to take uplegislation as quickly as possible to provide a seamless extension of these provisions in a mannerthat causes the fewest disruptions and administrative problems and that creates the greatesteconomic and social benefit.
Quote from Senator Max Baucus:
"Throughout the 108th Congress I continually pressed for passage of expiring taxprovisions and encouraged Congress not to wait until the last minute. I'm disappointed that wewere not able to accomplish passage before Congress adjourned for the year, but I will worktogether with Chairman Grassley to ensure that the tax provisions are seamlessly extended whenwe return in January.
These expiring tax provisions are used to provide alternative minimum tax relief toindividuals, encourage employers to hire those coming off the welfare rolls, and help schoolteachers cover classroom expenses, among other things. These provisions are too important tofall under the radar."
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