Sen. Carper Statement on Finance Committee Approval of Key Tax Cut Package

Senator successful in securing extension of critical tax credit to encourage deployment of domestic offshore wind

WASHINGTON – Today, Sen. Tom Carper (D-Del.), a member of the Senate Finance committee, released the following statement after the passage of The Family and Business Tax Cut Certainty Act of 2012, legislation extending dozens of tax-cutting provisions known as “extenders” that have expired or will expire at the end of this year, while also trimming back the number of provisions that have been traditionally extended. Sen. Carper voted for the legislation, which was approved by the Committee.

“In passing the tax extenders bill today, my colleagues and I demonstrated that we could set aside our differences and come together to pass bipartisan legislation that will benefit Delaware families and businesses. This is important progress in the broader effort to reform our tax code and strengthen our economy.

“As many of us know, comprehensive tax reform may not happen until next year. But, for some time now, I’ve been saying that this Committee has an opportunity for a tax reform “dress rehearsal”—where we work together, on a bipartisan basis, to extend tax breaks that are critically important for Delaware families and businesses, and to scale-back on other tax expenditures that may not be as effective. I think the package our Committee approved today accomplishes that goal. While everyone might not agree on every detail of the bill, on balance, I believe this is a package worth supporting. This legislation provides a measure of the certainty and predictability to families and businesses that sorely need it. It cleans out the tax code by allowing more than two dozen tax expenditures to expire. Moreover, it shows our nation that we can govern and work together on a bipartisan basis to get results.

“I also appreciate my colleagues’ efforts, especially those of Chairman Baucus, on working with me on the extension of the wind investment tax credit. While what was included in this package is great start, I believe that in order to adequately support the growing offshore wind industry and to help it thrive, it is critical that the Investment Tax Credit (ITC) for offshore wind is extended well beyond 2013, and I will work to see that long-term tax legislation happens.”