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Senate Proceeding on Mar 3rd, 2010 :: 6:35:25 to 6:45:50
Total video length: 10 hours 27 minutes Stream Tools: Stream Overview | Edit Time

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James Webb

6:35:16 to 6:35:38( Edit History Discussion )

James Webb: quorum call: ms. stabenow: mr. president? the presiding officer: the senator from michigan. suspension of the quorum call. the presiding officer: without objection. ms. stabenow: thank you very much. i realize that senator gregg was next up to speak. i don't see him on the floor, so i will be only a few moments and then i would ask unanimous consent that he be recognized after me.

James Webb

6:35:25 to 6:45:50( Edit History Discussion )
Speech By: James Webb

James Webb

6:35:39 to 6:36:00( Edit History Discussion )

James Webb: when he comes to the floor. okay. mr. president, i'm very pleased in a few moments i'm going to be offeringn strongly supported by members on both sides of the aisle to focus on jobs and investments in equipment for companies that are currently not making a profit,

James Webb

6:36:01 to 6:36:22( Edit History Discussion )

James Webb: which unfortunately is too many across the country right now. we want to make sure they have an opportunity to have the capital they need to be able to grow as well. so i want to thank senator hatch, senator schumer, senator crapo, senator snowe, senator rish for working with me on an amendment that would provide companies with an immediate

James Webb

6:36:23 to 6:36:46( Edit History Discussion )

James Webb: source of capital to make increased investments in our country and spur job creation. since the start of the recession in december of 2007, the nation has lost more than 8 million jobs, as we know. it's really an economic tsunami, what has happened to families in this country. and the national unemployment

James Webb

6:36:47 to 6:37:07( Edit History Discussion )

James Webb: rate skyrocketed from 5% to 10%, as companies are forced to cut costs and to lay off workers, to remain viable, just to keep the ship afloat. in our state, of course, the great state of michigan, it's much worse since we are at about a 14.6% unemployment rate right now, and we certainly are

James Webb

6:37:08 to 6:37:33( Edit History Discussion )

James Webb: feelg the brunt of what's been happening. these companies also continue to face significant challenges in raising much-needed capital for new investments, to be able to keep people working. and this amendment would allow struggling companies, of all kinds, who don't benefit from other similarly designed

James Webb

6:37:35 to 6:37:56( Edit History Discussion )

James Webb: i expanding the n.o.l. carryback period, and other things, to utilize their existing credits based on new investments they make in 2010. so if they make new investments, we would allow them to use credits they can't use right now because those credits can only be used against a profit, and they don't have a profit. in addition to encurlinging

James Webb

6:37:57 to 6:38:20( Edit History Discussion )

James Webb: companies to increase investments, to maintain and expand jobs, the amendment also makes available a badly needed source of capital. we've all been talking about access to capital. this is an important way we can make this available, at no real cost to the federal government. and i think that's what's

James Webb

6:38:21 to 6:38:41( Edit History Discussion )

James Webb: important about this amendment. a.m.t. credits are actually precredits of tax. so these are prepayments. normally if they were making a profit, they would be able to offset their taxes and maintain adtional revenue and capital. but they're not in the position to do that right now.

James Webb

6:38:42 to 6:39:05( Edit History Discussion )

James Webb: so at some point we in fact would be giving them credit, and they would be able to use these credits and to be able to keep capital, but they can't right now. so in a sense we're just moving up the date by which they can access the capital that's available with a.m.t. credits. since the credits never expire,

James Webb

6:39:06 to 6:39:27( Edit History Discussion )

James Webb: the prosal merely accelerates when the credits are used. this amendment would allow companies to be able to get their built-up tax credits so they can build factories, buy equipment, and create jobs. specifically, it would allow companies to utilize their existing credits, up to 10% of a

James Webb

6:39:28 to 6:39:50( Edit History Discussion )

James Webb: new investment that they make in a manufacturing facility or in equipment purchased this year in 2010. no company would be able to claim more than 50% of the value of the credit. to accelerate the economic impact of allowing companies to be able to access this capital and use the credits, the proposal would allow for an

James Webb

6:39:51 to 6:40:12( Edit History Discussion )

James Webb: expedited refund process similar to current law rules for net operating losses. a company that elects the five-year net operating loss carryback enacted into law earlier this year, which i supported strongly, would not be eligible to claim the benefits of this proposal. so it would be only those who

James Webb

6:40:13 to 6:40:34( Edit History Discussion )

James Webb: cannot access other proposals that we've put forward because of the critical nature of helping companies not making a profit, be able to help them access capital. the amendment would be offset by improving tax compliance from individuals who receive rental property, from properties. the provision originally

James Webb

6:40:35 to 6:40:56( Edit History Discussion )

James Webb: proposed in the president's fiscal year 20 2009-2010 budgets would require people who receive rental income on real estate to be subject to the same information reporting requirements as taxpayers who receive income from a trade or business. this proposal broad range of companies, mr. president, including

James Webb

6:40:57 to 6:41:17( Edit History Discussion )

James Webb: airlines, manufacturers, energy companies, high-tech companies across the board, companies rge and small that currently find themselves in the position where they are not making a profit but have built up these prepaid credits. we have support from the u.s. chamber of comerks th -- the u.s.

James Webb

6:41:18 to 6:41:40( Edit History Discussion )

James Webb: chamber of commerce, the association of manufacturing technologies, the association of equipment manufacturers, motor and equipment manufacturers associations, some of the many u.s. employers that support the proposal -- american airlines, applied microdevices, arch coal associated builders and contractors, bos clvment, cliffs

James Webb

6:41:41 to 6:42:01( Edit History Discussion )

James Webb: natural resources you c.m.s. energy, console energy, daimler, general motors, goodyear, national ming, owens illinois, peabody energy, t-mobile, xerox. these are all corporations employing hundreds or hundreds of thousands of people that are

James Webb

6:42:02 to 6:42:22( Edit History Discussion )

James Webb: needing access to capital. they've prepaid these credits. they need access to capital now so that they can maintain their workforce and hopefully expand it and invest in the equipment that will allow them to grow. and so this amendment, again, mr. president -- and this is one that has broad bartisan

James Webb

6:42:23 to 6:42:43( Edit History Discussion )

James Webb: support. it will alloy us to essentially move forward the ability for companies to use these a.m.t. credits that they have already paid into, the dollars they've already paid. and this is something that will allow companies to get the equipment, the tools, that are

James Webb

6:42:44 to 6:43:04( Edit History Discussion )

James Webb: necessary so that as they're using that job credit that we passed and hiring people or continuing to be able to grow and invest in the business and keep the employees they have, that this will a.b.a. ableo get some assistance -- that they'll be able to get some assistance within the legislation that we are passing. so, again, let me just indicate

James Webb

6:43:05 to 6:43:25( Edit History Discussion )

James Webb: that i very much appreciate colleagues who have joined in this: senator hearchtion senator schumer, senator crapo, senator snowe, senator rhode island -- senator are much isch, and we have others who are very interested in joining us as ll. and i believe at this point -- i

James Webb

6:43:26 to 6:43:47( Edit History Discussion )

James Webb: haven't heard for sure if we're in a position to actually call up the amendment at this point. at the moment i guess i would -- if we are in a position to call up the amendment, i'm looking to staff to determine whether or not we're in a position to do

James Webb

6:43:48 to 6:44:11( Edit History Discussion )

James Webb: that at this point ... we are. all right. then i would, mr. president, ask unanimous consent that the pending amendments be set aside and i call up amendment number 3350, as poddified. -- as modified. mr don't know if we're in that position yet at mr. president, i suggest the the presiding officer: the

James Webb

6:44:12 to 6:44:27( Edit History Discussion )

James Webb: clerk will call the roll. quorum call: quorum call:

James Webb

6:45:11 to 6:45:31( Edit History Discussion )

James Webb: quorum call: ms. stabenow: mr. president, i would ask that we vitiate quorum call. the presiding officer: without objection. ms. stabenow: thank you, mr. presidt. mr. president, i ask unanimous consent that the pending amendments be set aside, and i call up amendment 3382. the presiding officer: without objection, so the clerk will report the amendment.

James Webb

6:45:32 to 6:45:50( Edit History Discussion )

James Webb: the clerk: the senator from michigan, ms. stabenow, for herself and others proposes amendment 3382 ms. stabenow: i ask unaq3mous consent that the amendment be considered as read. the presiding officer: without objection. ms. stabenow: if there is no further business at the

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