Barbara Kennelly: “Mr. Speaker, I am very appreciative to be talking about this bill today. It is a bill which I have worked for, for a…”

“Mr. Speaker, I am very appreciative to be talking about this bill today. It is a bill which I have worked for, for a number of years. In fact, my interest in it has dated back to 1986, when we did the large tax reform. This bill contains a modified version of the following two tax provisions that were contained in the recently enacted Taxpayer Relief Act of 1997. They were canceled by the President under his line-item veto. The first one was a temporary exemption under subpart F of financial services income. The second part, and these two pieces are linked together in the override, is a nonrecognition of gain on certain sales of processing facilities to farmers' cooperatives. The bill is bipartisan, and it is a compromise that addresses the concerns of the President of the United States in his line-item veto. The administration does not object to the provisions contained in the bill before us today.”