
There has not been a new oil refinery built in the United States in more than 30 years. As a result, our ability to refine oil and supply gas and diesel to consumers has not kept pace with the growth in demand. No matter how much crude oil is made available, the United States simply does not have the capacity to refine it. This bill takes a step toward changing that by providing the one thing government can offer immediately: land.
The bill calls for the Administration to identify three military bases slated for closure under the Base Realignment and Closure (BRAC) Commission that would be suitable for locating new oil refineries. Experts say that expanding our refining capability could significantly decrease the volatility currently seen in domestic gas prices.
The Savings for Working Families Act of 2009 provides a tax credit to financial institutions that match the savings of the working poor through individual development accounts (IDAs). IDAs can be used for, 1) buying a first home; 2) receiving a post-secondary education; and, 3) starting or expanding a small business.
Individual savings in IDAs are matched on a one-to-one basis, up to $500 per person per year. IDAs are operated through a partnership between financial institutions and local non-profit organizations. Financial institutions offering IDAs will be reimbursed through a federal tax credit for all matching funds, up to $500 per year. Those who save in IDAs receive financial planning education through these unique partnerships.
The Post Abortion Depression Research and Care Act,
would direct the National Institutes of Health (NIH) to study the
emotional impact of abortion on women and set up treatment programs
to help these women. Women deserve to know the long-term effects of
abortion on their mental and emotional well-being, and women who
have had an abortion deserve to have mental health professionals who
acknowledge the emotional impact of abortion and have the tools to
treat it.
A study conducted by a prominent researcher in New Zealand, David
Fergusson, has found that women who have abortions have higher rates
of depression than those who do not. According to his research, 78.6
percent of 15 to 18 year old girls who have abortions display
symptoms of major depression, compared to only 31.2 percent of their
peers who do not have abortions; and 27 percent of 21 to 25 year old
women who have abortions have suicidal idealation, compared to only
8 percent of their peers who do not have abortions. Increased
research on post-abortion and postpartum depression will lead to
greater awareness of this issue and the development of compassionate
outreach and counseling programs to help post-abortive women.
The Family Farm Preservation Act would provide an incentive for
preserving open space by preventing farmers from having to pay
capital gains taxes when they sell the development rights to their
land to a qualified private or governmental land-conservation
entity.
The 16th District of Pennsylvania has long been renowned for its
beautiful landscapes and rich farmland. These cherished open spaces
are disappearing as the pressure for new development grows. Since
1960, approximately 1.5 million acres of American farmland have been
converted to non-agricultural uses each year. Land development and
urbanization are leading to fragmentation of agricultural and forest
land and loss of prime farmland and wildlife habitat. Additionally,
many farmers facing sprawling development are also facing an
increasing tax burden due to escalating land values and increasing
costs for community services.
Under the Family Farm Preservation Act, provided that the farmland
is located in a county with a population of 100 persons or more per
square mile, a farmer will be able to sell the development rights to
his land to a qualified organization committed to land conservation
and receive a lump sum payment up front that is not subject to
capital gains. This legislation gives these farmers the opportunity
to keep their family farms and thereby preserve the open spaces of
our beautiful nation.
The Permanent Repeal of the Death Tax Act of 2009 would permanently repeal the death tax, also known as the estate
tax. Death should not be a taxable event. It is family-owned
farms and small businesses who suffer the most from this unjust tax
because these people pass down the business or the farm in the
family. But the death tax can force farms and small businesses to
sell assets just to satisfy the tax authorities. H.R. 1960
would simply repeal the death tax for good so that farmers and small
business owners can pass along their operation to their children
without the risk of having to dismantle the business and sell off
assets in order to placate the tax man.
Legislation passed in 2001 phased out the death tax over a number of
years until it will eventually be eliminated for fiscal year 2010.
However, under current law, those tax cuts will sunset and the tax
will snap back to its original levels for 2011, with individuals in
the highest bracket being assessed a tax of 55 percent. This bill
would permanently eliminate the tax by getting rid of the sunset
clause in the 2001 legislation.
The Help Kids Save for College Act would enhance popular 529
college savings plans by allowing employers to make tax free
matching contributions to an employee’s 529 account, up to $1000 a
year. Named after their section in the tax code, 529 accounts allow
individuals to save for higher education costs by earning tax-free
interest.
Families are concerned about their financial security, including the
rising cost of higher education. This bill will provide employers
with the incentive to help families save more for college. Employers
will like this bill because it will allow them an opportunity to
offer another tax-free benefit to their employees. It’s a simple
piece of legislation that could have a big impact on American
families.
H.R. 2814: Reinvest in America's Retirement Act
Starting in 2010, limits prohibiting some individuals from converting IRAs will be lifted. This bill would move up that date to allow conversions immediately, in order to allow individuals to pay the conversion taxes in a year when the value of retirement accounts is low because of the current economic recession.
Roth IRAs are funded with income that has already been taxed, but the interest in the funds grows tax-free.
H.R. 3448: SAFE Nuclear Act
The Streamline America's Future Energy (SAFE) Nuclear Act fast tracks the regulatory process for approval of new nuclear reactors on or adjacent to a site where reactors are already operating, reducing the time needed for approval to two years for reactors that meet certain criteria.
The bill makes public safety a top priority in any approval of
new reactors. It will also task the NRC with developing regulations
that will allow new reactor designs to compete in the marketplace.