WASHINGTON, D.C. – U.S. Senator Pat Roberts (R-Kan.) today introduced an amendment to extend several tax relief provisions to grow the economy, to provide critical tax relief for families and small businesses and to address the growing costs of energy.

The Roberts Amendment #1826 to S.1813, the Highway Bill, extends tax provisions that expired last December and renews them to December 31, 2012 without increasing the deficit. It also allows oil and gas exploration on more federal lands and approves the Keystone XL Pipeline so that we can increase energy supply while decreasing energy costs for Americans.

You can watch Senator Roberts’ floor speech here.

Here is a portion of Senator Roberts’ remarks:

“I rise today to ask for support for my amendment to promote pro-growth energy and tax policy. Within the tax code, there is a long list of provisions known as tax extenders. These provisions are used by millions of families, individuals and businesses, but they expired well over two months ago, causing utter chaos.

“My amendment includes many of the expired energy tax incentives as well as increases energy production incentives.  With spiking gas prices hammering families and businesses, this is precisely the time to have policy that will increase energy supply. To begin addressing the oil supply issues, my amendment would cut red tape and open up more federal land for oil and gas exploration and drilling. 

“We are all painfully aware of the President’s rejection of the Keystone XL pipeline application. My amendment gives our Canadian neighbors the green light to send energy our way. 

“Let me briefly describe the measure in more detail: it extends popular and much-needed tax relief, ranging from tax deductions for sending kids to college to the adoption tax credit. By supporting my amendment today, we can provide much-needed tax relief and certainty to millions of families and businesses for the remainder of the year. I want to highlight this point because uncertainty in business and personal financial planning is something that I think all of us hear about daily when we are home.

“Let’s take a look at the deductibility of college tuition. This is a benefit for families to middle-income families.  A lot of these folks aren’t low-income so their kids don’t qualify for PELL grants, but they’re not high-income either.  A lot of these folks are paying significant federal, state and local taxes and they get no help in defraying the high cost of their kids’ college education. 

“This tax deduction helps families by increasing access to higher education.  This deduction ran out at the end of last year and if we don’t act on this amendment, these families will continue to face a tax increase. 

“Another very important expired provision is the deductibility of state and local sales taxes.  Over 10.3 million Americans are paying more in taxes because this provision has expired.

“On the business side, my amendment addresses expired business provisions, including the research and development tax credit and tax incentives for leasehold improvements and restaurant depreciation.

“It also extends enhanced small business expensing.  Many small businesses use this benefit to buy equipment on an efficient after-tax basis.  It’s good for small business. It’s good for small business workers. It’s good for economic growth.

“The amendment closes a tax loophole that insures that taxpayers claiming the refundable child tax credit provide proper identification on their tax returns. 

“Finally, this amendment includes a special deficit reduction trust fund.  The trust fund would contain the savings from the energy production incentives, the refundable child tax credit provision, and an extension of the existing federal employee pay freeze.

“I believe this amendment is an important first step in growing our economy. It contains many, but not all, of the critical tax relief provisions that should be extended to protect families and businesses from higher taxes. Until we reform the tax code, Congress should extend expired tax provisions.”

Senator Roberts is a member of the Senate Committee on Finance which has jurisdiction on tax matters.

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