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555 Dirksen Office Building
Washington, DC 20510
Ph: 202.224.6342
Fax: 202.224.1100
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Raleigh Office:
310 New Bern Avenue
Suite 122
Raleigh, NC 27601
Ph: 919.856.4630
Toll Free: 866.420.6083
Fax: 919.856.4053
Salisbury Office:
225 North Main Street
Suite 304
Salisbury, NC 28144
Ph: 704.633.5011
Toll Free: 866.420.6084
Fax: 704.633.2937
Western Office:
401 North Main Street
Suite 200
Hendersonville, NC 28792
Ph: 828.698.3747
Fax: 828.698.1267
Eastern Office:
306 South Evans Street
Greenville, NC 27835
Ph: 252.329.1093
Fax: 252.329.1097
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Press Releases
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DOLE HELPS PASS CRITICAL TAX RELIEF PACKAGE
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September 27th, 2008 - Washington, D.C. - U.S. Sen. Elizabeth Dole this week voted in favor of a wide-ranging tax relief package, which includes a provision to protect approximately 20 million Americans from a $64 billion Alternative Minimum Tax (AMT) hike.
“To spur economic growth and job creation, we must protect businesses and working families from burdensome taxes like the AMT that would wreak havoc on our already-troubled economy,” said Dole. “Family budgets that are stressed by high gas and food prices and tightening credit simply cannot afford for the government to demand even more money from them.”
According to the Heritage Foundation, failure to address the impending AMT tax increase would result in an average tax hike of $2,800 for 580,017 North Carolinians who would be affected by the AMT in the coming year.
The legislation also includes provisions to roll back over $7 billion in oil company tax breaks to invest that funding in alternative and renewable energy research. The legislation accomplishes some of the goals of legislation Dole introduced in July, the New Clean Energy Tax Extenders Act, although it doesn’t go as far as Dole’s legislation, which would have repealed roughly $17 billion in tax breaks for oil companies.
“With gas prices hovering around record highs, we need to throw everything and the kitchen sink at our energy crisis, and that includes making major investments in alternative and renewable energy,” said Dole. “We must also make better use of America’s vast energy resources to lower costs and reduce our dependence on foreign oil to build a bridge to our alternative energy future.”
Dole also worked to include a measure that helps incentivize donations to feed the hungry by allowing businesses to receive enhanced tax deductions for contributions of food. Additionally, she pushed to extend a provision allowing tax-free distributions from Individual Retirement Accounts for charitable purposes.
Other highlights of the bill include:
• Providing a $7,500 tax credit for the purchase of plug-in electric vehicles;
• Renewing the research and development tax credit to help spur innovation and economic growth; and
• Renewing tax relief for higher education costs and teachers who purchase classroom supplies out-of-pocket.
Background
The legislation passed in the Senate Tuesday evening by a vote of 93-2. Negotiations between the House of Representatives and the Senate continue.
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30th - Senate Approves Dole Measures to Fund Initiatives that Save Troops’ Lives, Prevent Injuries
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27th - current Press Release
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26th - Dole Statement on Administration’s Proposed Rescue Plan
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26th - Dole Announces $57.7 Million to Assist N.C. Communities Struggling with Foreclosures
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25th - Dole, Burr Propose Solutions to Help Alleviate, Prevent Gas Shortages
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24th - Dole Lauds Expiration of OCS Moratorium, Calls for Permanent Repeal
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23rd - Dole: Financial Oversight “Fatally Flawed”
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21st - Dole Statement on Economic Rescue Package
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18th - Dole: Stop Delaying Senate Hearings On Wall Street Turmoil
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15th - Dole Applauds FHFA Decision to Deny Golden Parachutes for Ousted Fannie, Freddie Execs
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11th - Dole, Bipartisan “Gang” of Senators to Deliver Comprehensive Energy Strategy
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11th - Dole Helps Introduce Legislation to Ban Fannie, Freddie Lobbying
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11th - Dole Supports Senate Action to Save Highway Trust Fund
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10th - Dole Helps Introduce Legislation to Deny Golden Parachutes for Fannie, Freddie Execs
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9th - Dole Announces More than $2 Million for Historically Black Universities in North Carolina
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9th - Dole Discusses Transportation Infrastructure, Energy Security
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8th - Dole Responds to Treasury Action on Fannie, Freddie
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4th - Dole Working to Ensure Effective Hurricane Response
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 : radio clip |  : television clip
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