Senate Proceeding on Oct 29th, 2009 :: 2:00:50 to 2:10:15
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2:00:49 to 2:01:10( Edit History Discussion )

Max Baucus: they were a year ago. in may back home in montana, i helped with a new charity raffle of new homes. i was told how well the home buyers tax was working. it helped to boost their sales. i'll never forget standing there, as we're working on the

2:00:50 to 2:10:15( Edit History Discussion )
Speech By: Max Baucus

2:01:11 to 2:01:33( Edit History Discussion )

Max Baucus: home, he talked about how much it helped the sales in bilings, montana. working to get buyers off the fence into homes. billings go get reported one development where 30 homes were

2:01:34 to 2:01:59( Edit History Discussion )

Max Baucus: told, and 15 of those home buyers use the taxpayer kret. home purchases have dropped off, but it's clear that the home buyers tax kret has helped to cushion that blow. it is closely tied to the success of the housing market. the home buyer tax credit has

2:02:02 to 2:02:23( Edit History Discussion )

Max Baucus: helped to sure up the economy. and that's why we have proposed extending the tax credit until april 30 of next year because the housing market remains fragile. as before the $8,000 tax credit would be available for those buying a principal precedent for

2:02:24 to 2:02:44( Edit History Discussion )

Max Baucus: those buying for the first time and also available for those who have lived in their current resident for five years or more. these home buyers hoping to move up would be eligible for a $6,500 tax credit. this strikes a fair middle ground. we would help first-time buyers and we would also help homeowners looking to move up to

2:02:45 to 2:03:08( Edit History Discussion )

Max Baucus: a new home. but we exclude from the credit speculators who may have recently purchased a home intending to flip it for a fast profit. our amendment would increase income limits this would enable a greater number of potential home buyers to take the credit, those earning less than $225,000

2:03:09 to 2:03:29( Edit History Discussion )

Max Baucus: for joint filers and $150 for sile filers. increasing this threshold will bring in a new group of buyers in the market. these days millions of renters earn more than $75,000 a year. our new home buyers tax credit would include a binding contract provision and it would allow

2:03:30 to 2:03:52( Edit History Discussion )

Max Baucus: anyone who has entered into a binding contract to enter into it so long as they close within 0 days. it would allow military to claim the credit for an additional year. many potential buyers could --

2:04:37 to 2:04:57( Edit History Discussion )

Max Baucus: amendment would jump-start the housing market. with the new binding contract provision, we effectively extend this credit for seven months. that's long enough to encourage home buyers to buy home. but it's short enough to remain fiscally responsible. it's a fair approach and play an important role to get the

2:04:58 to 2:05:18( Edit History Discussion )

Max Baucus: housing market back on its feet. in addition to unemployment insurance, the home buyer credit -- our amendment would also add the needed operating loss refer needed. under the current law corporations may carry back net operating losses two years.

2:05:19 to 2:05:40( Edit History Discussion )

Max Baucus: in the stimulus bill earlier this year we're able to increase that carry-back period for five years, but only for small businesses. the carry-back provision for small businesses has been a great help to struggling small companies much they're able to carry back their losses to profitable years and then they can file quick refund claims.

2:05:41 to 2:06:02( Edit History Discussion )

Max Baucus: this gave them much-needed cash to invest in new equipment or inventory or pay for other expense obligations much many businesses did not qualify for the stimulus. many larger companies are hurting during this economic downturn. senator snowe and i recognized this during our discussions on the stimulus bill.

2:06:03 to 2:06:24( Edit History Discussion )

Max Baucus: we introduced a bill to expand the needed relief to all businesses and now we're including that relief here. the great recession which i heard today is officially over because now the g.d.p. is growing for the first time in, gosh, i don't know how many months. but the great recession has hurt

2:06:25 to 2:06:46( Edit History Discussion )

Max Baucus: montana businesses from farming to retail to manufacturing. in a recent series in the "billings gazette" there is a feature on those facing the hard economic times. the lumber industry, pyramid

2:06:47 to 2:07:07( Edit History Discussion )

Max Baucus: mountain lumber is the largest owned operation in montana. they have faced increased costs on logs an fuel. orders have dropped because of the slowdown in home building. the owners have invested everything that they have in the mill. they've done a super job.

2:07:08 to 2:07:28( Edit History Discussion )

Max Baucus: laurence said that the lumber mills are -- quote -- "all in as far as ownership investment. they've got nothing left to inve." laurence said that the net operating loss lake like that in our bill would help those in providing working capital to the

2:07:29 to 2:07:50( Edit History Discussion )

Max Baucus: small independent mill. it would directly help this industry and others inontana that are struggling to survive in these tough economic times. let's expand the help that we've provided for small businesses to all businesses, that is, all businesses who need the cas infusion now. now, questions always arise, how

2:07:51 to 2:08:12( Edit History Discussion )

Max Baucus: do we pay for these provisions? our amendment pays for them responsibly. in 2004, congress created a new way for american-based multinational corporations to allocate interest for purposes of computing had their taxes. the implementation of that allocation method was to be effective in tax years beginning after 2010.

2:08:56 to 2:09:21( Edit History Discussion )

Max Baucus: let us pass this legislation to help unemployed americans an provide tax relief and let us pass this legislation that will help americans to get going and to keep good jobs. mr. and suggest the absence of a quorum. the presiding officer: the clerk will call the roll.

2:09:27 to 2:09:47( Edit History Discussion )

Max Baucus: quorum call: a senator: mr. president? the presiding officer: the senator from montana. mr. baucus: mr. president, i suggest that proceedings under the quorum call be dispensed with. the presiding officer: without objection. mr. baucus: i in nine unanimous consent requests for committees to meet during today's session of the senate. they have the agreement of the

2:09:48 to 2:10:11( Edit History Discussion )

Max Baucus: majority leader and minority leaders. i ask to and this be printed in the record. the presiding officer: without objection. the clerk will call the roll.