Notable quotes from the passage of the House's Renewable Energy and Job Creation Act of 2008 (May 21, 2008)
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- Rep. Chris Van Hollen (D-MD), "For the second time this Congress, the House has declared its intention to end the ISO AMT travesty once and for all. While everyone should expect to pay his or her fair share of taxes, no one should have to lose his home, retirement savings or children's college fund because of a completely unintended consequence of the Code. With growing, bipartisan support for a permanent ISO AMT fix in the Senate, I am hopeful we will get this correction signed into law this year."
- Rep. Sam Johnson (R-TX), "I am thrilled to see House passage of legislation to put an end to this long nightmare. For too many years I've had constituents who were subject to taxation on income they never received. To pay taxes on this 'phantom income' my constituents have emptied their retirement accounts, taken money out of their children's education funds, and put second mortgages on their homes. Others have had their homes sold by the IRS to pay taxes on income they never received. It is long-past time to get this important change made law."
- Rep. Charles Rangel (D-NY), "The Ways and Means Committee greatly appreciates Congressman Loebsack's efforts to reverse the damaging effect the ISO-AMT has on families across the country. Mr. Loebsack's leadership on this issue played a valuable role in the Committee's ability to include an ISO-AMT fix in the legislation passed in Congress today. I am certain Mr. Loebsack will continue to champion this effort until the law is changed and families are no longer burdened by this unfair tax."
- Rep. Dave Loebsack (D-IA), "For too long hard working Iowa families have been struggling to make ends meet in part because of an unfair, inequitable tax system. I understand the daily struggle families across Iowa, including the Speltz family, have encountered and I'm happy that we have finally been able to pass legislation that will provide much needed relief and end the unfair collection of taxes on unrealized income. It is my hope the Senate will now move quickly to pass this legislation and send it to the President's desk."