Chuck Schumer: “in the Senate-passed tax reconciliation bill, we have recognized the importance of the tax deduction for college…”

“in the Senate-passed tax reconciliation bill, we have recognized the importance of the tax deduction for college tuition, and the bill we are sending to conference extends it for 4 additional years, through 2009. Unless extended by the 109th Congress, the deduction will not be available to taxpayers filing 2006 returns. It is urgent that the provision be extended in this bill, so families can plan for their kids' education. The House bill, in sharp contrast with the bill that the Senate passed with 66 votes, extends this common-sense, middle-class tax relief for only 1 year. Given that we face choices and budget limitations, and we can't do it all, this motion instructs the Senate conferees to insist that the conference report should include the Senate-passed 4-year extension of the tuition deduction, rather than extending the tax cuts for dividends and capital gains that will not expire for nearly 3 years. That is the gist of my motion. We simply do not need to take action on dividends and capital gains today, but on issues such as the college tuition deduction and the alternative minimum tax, Congress must act now. If we can not do it all under the reconciliation limits, then the tax cuts for the middle class that have already expired should take priority.…”