Max Baucus: “this amendment reflects the energy tax incentives reported out by the Finance Committee in April. The incentives in this…”

“this amendment reflects the energy tax incentives reported out by the Finance Committee in April. The incentives in this amendment enjoy broad support, across the political spectrum. These tax incentives are also very similar to those in last year's energy tax bill. In April of last year, they won overwhelming support on the Senate floor. I was disappointed that the conferees did not reach an agreement on the larger energy package last year. I am hopeful that this year, we will see these provisions signed into law. Before explaining the specific incentives proposed in this amendment, let me first take a few moments to address the nature of the energy challenge facing the nation. The last few years have seen energy crises, characterized by energy supply shortages and price spikes. We saw rolling blackouts in the State of California. Energy price jolts affected nearly all Americans. Energy-related disruptions were widespread and severe. Folks back in my home state of Montana have been particularly hard hit. Many people in Montana have to drive great distances just to get to work. And high gas and energy prices raise the costs of doing business for small businesses, farmers, and ranchers, alike. Today, we face continued uncertainty in world energy markets. Earlier this year, energy prices soared to record levels. This was due, in part, to uncertainty over the war in Iraq. And it was also due, in part, to the colder-than-average winter.”