Cornyn Applauds President’s Signing Of Bill To Provide Tax Relief For Texans

In: All News   Posted 12/20/2006

WASHINGTON—U.S. Sen. John Cornyn applauded President Bush on Wednesday for signing the Tax Relief and Health Care Act of 2006, H.R. 6111, into law. The bill, recently passed by Congress, includes provisions to provide critical tax relief for Texans and increase domestic energy production."I applaud President Bush for signing this important legislation to address a number of key issues that will benefit our state,” Cornyn said. “This bill will ensure that Texans are not discriminated against with an unfair tax increase, which would have occurred if the sales tax deduction was not extended. It also promotes needed efforts to increase domestic energy production and decrease our dependence on foreign energy sources. And it prevents harmful Medicare payment cuts that would have hurt doctors and affected health care services for patients.” the bill extends the sales tax deduction for two years, renewing the option for Texas taxpayers to deduct their state and local sales tax on federal income tax returns. It is expected to save Texans more than $1 billion a year in federal taxes. Sen. Cornyn has worked with the Texas congressional delegation to help renew the sales tax deduction."Extending the sales tax deduction is a victory for freedom and fairness in the tax code for Texans,” Cornyn said. “This measure will provide a direct economic boost to our state’s taxpayers and consumers, and will benefit middle income families in particular. I applaud both parties for working together to help working families and small businesses.” the legislative package also increases domestic energy production by opening more than 8.3 million acres for oil and gas exploration in the Eastern Gulf of Mexico."The provision to open new areas for exploration in the Eastern Gulf of Mexico is an important step toward increasing domestic energy production and reducing our dependence on foreign energy sources, and this can be done in an environmentally sound way,” Cornyn said. “It’s also very good news that Texas will benefit from this exploration through a fair and reasonable revenue-sharing program. This is an important step forward, but in the 110th Congress, we must continue to work on additional efforts to keep low prices at the gas pump and ensure that American families are not held hostage by a dependence on foreign oil supply.” the Tax Relief and Health Care Act of 2006 also extends and expands the Research and Development (R&D) tax credit, which helps Texas businesses innovate and create domestic jobs; freezes the scheduled five-percent cut in Medicare physicians’ payments in 2007; and improves Health Savings Accounts, making them easier to use, more accessible and more flexible.Sen. Cornyn is a member of the following Senate Committees: Armed Services; Judiciary; Budget; Small Business and Entrepreneurship; and Joint Economic. He is also the chairman of the subcommittees on Immigration, Border Security and Citizenship and Emerging Threats and Capabilities.