John Ensign: “the modification says the offset included in the amendment repeals the tax credit for refurbishing of nonhistoric…”

“the modification says the offset included in the amendment repeals the tax credit for refurbishing of nonhistoric structures only, not historic structures, with which people had concerns. If you believe the American economy needs a shot in the arm right now, then you should vote for this amendment. Our amendment allows companies that have made money overseas to bring it back right now. They are taxed at 35 percent. When faced with a choice of whether they keep it overseas or bring it back, they keep it overseas. We are going to allow a 1-year exemption. The tax will be lowered from 35 percent to 5.25 percent. They have 1 year to invest the money to create jobs in this country. As with Senator Boxer's very fine amendment in our bill, it cannot go for executive pay. The money has to be invested in America to create jobs. I believe this will be a tremendous stimulus to our economy, and I urge its adoption.”