Political Quotes

“as we debate the FY04 Transportation, Treasury Appropriations bill, I rise to express my concern for recent actions undertaken by the Internal Revenue Service. It is a fundamental tenet of fair tax administration that taxpayers can rely on guidance and rules issued by the Internal Revenue Service. Unfortunately, in its administration of the tax credit for coal-based synthetic fuels, the IRS has breached this fundamental rule. Congress enacted section 29 of the Internal Revenue Code to provide a tax credit for the production of synthetic fuel. This tax credit was created to encourage domestic energy production and it works. In my home state, and coal producing states throughout the Southeast, the credit has increased domestic coal production and kept open thin seam mines. The coal-based synthetic fuels increases combustion efficiency and reduce fuel costs for electricity consumers throughout the United States. Since 1995, the IRS has issued revenue rulings, revenue procedures and over 80 private letter rulings that detail the processes that qualify for producing synthetic fuel and the tests taxpayers should utilize to demonstrate that the synthetic fuel they produced qualify for the tax credit.”