FOR IMMEDIATE RELEASE
November 30, 1999
CONTACT: Lisette McSoud Mondello
SENATOR HUTCHISON ADDRESSES TEXAS FARM BUREAU
Advocates tax cuts, vows to fight for Texas homestead provision
CORPUS CHRISTI, TX -- U.S. Senator Kay Bailey Hutchison briefed delegates to the Texas Farm Bureau's annual convention on federal agriculture policy trends and the outlook for expanding American access to international markets.
"Congress just demonstrated its commitment to helping during bad times with $14.6 billion in emergency agriculture spending between last year and this," Senator Hutchison said during her keynote speech to the convention Tuesday.
"The good news is that China, a huge market, has agreed to join the World Trade Organization on terms favorable to U.S. producers," the Senator said. "China will slash tariffs on agricultural goods, allow the entry of more U.S. wheat, corn, rice and cotton and eliminate its own subsidies for exports."
She also provided delegates with details of this year's agriculture spending bill, which included millions of dollars for research projects in Texas, as well as nearly $9 billion dollars for drought relief and assistance for loss of export markets.
"Research is critical to the Texas agriculture community. We are fortunate to have high caliber universities such as Texas A&M; and Texas Tech doing valuable research projects," said the Senator, a member of the Senate Appropriations Committee who has been instrumental in getting increased funding for such research at Texas institutions.
Briefing delegates on the recent Senate vote that would do away with Texas' historic homestead exemption in bankruptcy cases, Senator Hutchison said, "This is a matter that should be decided by Texans, not the federal government. I will continue to fight to keep the Texas Constitution's homestead protections."
"The Senate bill would let homeowners keep only $100,000 in home equity during a bankruptcy, but the median resale value of an existing home in Texas is $125,200," the Senator said. "The average senior citizen in our state -- especially those facing high medical bills -- would be hurt if this legislation becomes law."
Finally, she described several tax provisions aimed at agriculture that have been signed into law, including 100 percent deductibility for health care premiums for the self-employed and making ‘income averaging' a permanent part of the tax code.
"Congress also created Farm and Ranch Risk Management Accounts that would have allowed farmers and ranchers to defer taxes on income saved during good years to serve as a cushion during bad times," the Senate said. "Unfortunately, President Clinton vetoed this bill. But you can be sure we will be back next session with another attempt to overcome President Clinton's opposition to this much-needed tax cut."
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