David Thomas: “I rise in support of H.R. 2513, which would restore and modify the two tax provisions in the Taxpayer Relief Act of 1997…”

“I rise in support of H.R. 2513, which would restore and modify the two tax provisions in the Taxpayer Relief Act of 1997 that was subject to a Presidential line-item veto earlier this year. The first provision applies to the income earned abroad by companies engaged in providing financial services, and the second one that was line item vetoed applies to the sale of farmer cooperatives of stock in a corporation that owns agricultural processing assets. President Clinton, by virtue of his line item power, canceled these two provisions, stating several objections. In short, the committee, working with the administration, with groups who were affected on the outside, and with Members who thought these were worthy projects, have now corrected the concerns of the administration, and as modified and presented here today, the two incentives are supported by the administration and by all known interested parties. It should also be noted that in revising the two provisions, they have been narrowed, it will be significantly reducing their revenue cost. Frankly, Mr. Speaker, we believe that in the changes that were made, since H.R. 2513 actually saves money, there is no need to have a revenue or a spending offset.”