Rod Grams: “I just wanted to inform the Senate of my intentions today--later on, after this time for debate--to offer an amendment…”

“I just wanted to inform the Senate of my intentions today--later on, after this time for debate--to offer an amendment that would permanently exempt interest payments owed by disaster victims to the Internal Revenue Service. This is a very simple and straightforward amendment. The amendment is actually derived from the ``Disaster Victim Tax Extension Act,'' legislation I introduced on April 29, 1998 with Senators Coverdell, Frist, McCain, Hutchinson, Smith of Oregon, Graham of Florida, and D'Amato. As I stated in a Dear Colleague letter circulated on April 22, this amendment permanently exempts interest payments for disaster victims who reside in presidentially declared disaster areas and have been granted an extension for their tax filing. The reason for this amendment is very clear: Each year, our country is hit by natural disasters of all kinds--such as hurricanes, tornadoes, earthquakes, floods, and ice storms--causing extreme hardship for hundreds of thousands of Americans.”