Political Quotes

John Sarbanes: “I want to add one dimension of this--the loss of cost in Federal revenue. There is also an impact of this on State…”

On the recordJanuary 25, 2002
I want to add one dimension of this--the loss of cost in Federal revenue. There is also an impact of this on State revenue. One of the problems we are confronting by this economic downturn is what it has done to State budgets. Bonus depreciation over a 3-year period will cost significantly more to the State governments, whose revenue structures are tied to the Federal revenue structure, than the 1-year plan. It is estimated, in fact, that it will probably cost the States in the billions just in the second year of a bonus depreciation. This is a further complication that arises out of this proposal.
Said by
John Sarbanes
Democratic · Maryland
Source
govinfo.gov

Editor's note · Context

Discussing the impact of bonus depreciation on state revenues during a Senate floor debate.

Share

Share on XShare on FacebookEmail this quote

More from John Sarbanes

Oct 17, 2023

We would like to thank Rep. Sarbanes for introducing this important piece of bipartisan legislation

congress.gov
Jun 21, 2023

It is important to be clear that EPA's proposed standards are reasonable, performance-based emissions standards and constitute neither a national electric vehicle mandate nor an internal combustion ban.

congress.gov
Oct 17, 2023

This bill takes important steps to support the ongoing restoration of the Chesapeake Bay by reauthorizing NOAA's Chesapeake Bay Office and authorizing the agency's long-running Bay Watershed Education and Training, or B-WET Grant program.

congress.gov
Oct 17, 2023

The health of the Chesapeake Bay and its watershed can only continue to improve through robust Federal, state, and local partnerships.

congress.gov
View all John Sarbanes quotes

Other voices in this conversation