August 2, 2012
***For Immediate Release***
BAUCUS CHAMPIONS TAX CUTS FOR MONTANA FAMILIES, SMALL BUSINESSES
Senator Ushers Bipartisan Plan through Senate Tax-Writing Committee
(Washington, D.C.) -- Montana's senior U.S. Senator Max Baucus ushered his bipartisan plan to cut taxes for working families and small businesses through the Senate tax-writing committee on a vote of 19 to 5 today.
"By working together here today, we're proving we still have the capacity to do what our bosses -- the American people -- sent us here to do: get things done," Baucus told committee members ahead of today's vote. "Every day, folks in Montana and across the country work together. That's what we're doing here today. We're working together to take care of middle class families. We're working together to support jobs. We're working together to put America's economy back on track. Today, the Senate Finance Committee is putting progress ahead of politics and working together to provide some certainty to American families and businesses."
Baucus' bipartisan plan provides certainty for Montana families and businesses by extending through 2013 about $205 billion in tax cuts that are expired or set to expire this year.
• Prevents taxes from going up for more than 57,000 Montanans who would otherwise be hit by the Alternative Minimum Tax in 2012.
• Extends tax credits that help businesses hire veterans and keep jobs open for members of the National Guard and Reserves who get called to serve.
• Extends the Production Tax Credit that supports wind farm projects including the Rim Rock Wind farm in Glacier and Toole Counties and the Shawmut Wind Farm.
• Extends tax credits that rewards businesses for hiring new workers.
• Extends tax cuts that encourage investments in small businesses and make it easier for small businesses to get the capital they need to grow an hire more workers.
• Extends tax cuts that allow families to deduct the cost of college tuition from their taxes.
• Extends the Research and Development tax credit, which rewards businesses for investing in innovation and new technology that helps them grow.
• Continues tax cuts that help Montana farmers and ranchers take advantage of conservation easements.
At the same time, Baucus' plan helps reign in federal spending by allowing 20 expenditures to expire, saving about $30 billion over the next 10 years.
After passing through the Senate Finance Committee today, Baucus' plan will now be sent to the full Senate Floor for consideration.