As stated in his press release of April 29, 2006, Congressman Faleomavaega announced today that the Republican leadership has chosen to divide the Tax Reconciliation Act of 2005 into two bills. The first bill, H.R. 4297, which passed the House today by a vote of 244 to 185, only includes major capital gains and dividend tax cut provisions.
The second bill will include the smaller extenders. IRS section 936 is among these extenders as is the R&D tax credit, the Welfare to Work tax credit, deduction of state and local sales taxes, and deductions for teacher’s classroom expenses, to name a few. All of these extenders expired in December 2005 and there is discussion that these will be included in the second bill or attached to the pension reform bill.
“Last evening, I had an opportunity to speak with Chairman Thomas on the House floor and he gave me his personal assurances that he is still working on moving our provision forward,” Faleomavaega said. “While American Samoa is just a very small part of this highly complex effort, I am pleased that our support remains intact.”
“Both the Ways and Means and Senate Finance Committees are aware of our needs and the tuna industry is directly engaged in our discussions. In fact, today I met with Mr. John Signorino, President of Chicken of the Sea, and Mr. Dave Burney, Executive Director of the US Tuna Foundation which represents the interests of both canneries.”
“Like me, our canneries and their full-time lobbyists have also been assured that Congress intends to extend our tax credits and we are working together to ensure that everything that can be done is being done. Mr. Signorino also informed me that Chicken of the Sea is committed to American Samoa and looks forward to working with us on a long-term plan once we accomplish our short-term objectives.”
“While we still have a ways to go, I will continue to update our people as this matter progresses and, as always, I thank our people for their continued support,” the Congressman concluded.