SENATOR CARDIN APPLAUDS SENATE PASSAGE OF AMENDMENT TO ENSURE FUNDING FOR DEFINED BENEFIT PENSION PLANS
Senator’s goal is to avoid plan terminations
WASHINGTON – U.S. Senator Benjamin L. Cardin (D-MD) today praised Senate passage of an amendment he authored with Senator Johnny Isakson (R-GA) that will encourage companies to continue their defined benefit pension programs by giving them greater flexibility in managing their pension obligations during this difficult economic downturn.
“Defined benefits plans are an important part of retirement planning and it is important to ensure the viability of the pension security system and to give retirees the benefits they have been promised,” said Senator Cardin, a strong advocate of improving retiree benefits. “This amendment provides temporary support for companies facing difficult economic challenges and it will ensure that workers will have the resources they need in retirement.”
Under the main provision of the amendment, employers would be allowed to choose from two options to spread out their pension obligations. Under the first option, employers would be able to repay their pension shortfall over seven years, but the seven-year amortization would start two years late. During the two-year delay period, the employer would only owe interest on the shortfall. Under the second option, employers would be able to pay back their pension shortfall over 15 years.
The amendment also removes a punitive provision that would impose an unfair burden on companies such as General Motors as they struggle to retain jobs during this economic downturn. It also provides union-managed, multi-employer plans the flexibility they need to continue to fund benefits and ensure retirement security for their workers.
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House Passes Kratovil’s Small Business Tax Relief Proposal
HIRE Act includes Kratovil-authored language to cut taxes on small businesses
Date: 3-4-10 – For Immediate Release
Contact: Kevin Lawlor, 202 225 5311
Washington, DC – Today, the House of Representatives passed a bipartisan jobs package that includes a small business tax relief proposal authored by Rep. Frank Kratovil. The Kratovil proposal, which he introduced last October as the Small Business Property Reimbursement Act, rewards small business owners who make capital investments in their businesses, doubling the maximum tax write-off for the purchase of new capital equipment made in 2010.
“Our number one priority must be getting Americans back to work,” said Rep. Kratovil. “For small business owners who are looking at ways to expand their businesses and hire more workers, this tax incentive will encourage them to make the investment now instead of waiting for the future. Instead of billion dollar bailouts for big banks, this is a smart, market-based approach to encouraging job creation by focusing on small businesses.”
Kratovil’s proposal extends Section 179 of the tax code, doubling the amount small businesses can immediately write off their taxes for capital investments and purchases of new equipment made in 2010 from $125,000 to $250,000. In addition to the Kratovil tax relief provision, the jobs package passed by the House Thursday includes a tax holiday for businesses that hire unemployed workers and an income tax credit of $1,000 for businesses that retain these employees. Additionally, the bill will provide an extension of the Highway Trust Fund that will allow for tens of billions of dollars in infrastructure investment and provisions that will make it easier for states to borrow funds for projects like school and energy construction.
“Instead of bailing out giant corporations, we ought to focus on strengthening the small businesses that support our local economies and drive economic growth. This bill does exactly that,” said Rep. Kratovil. “This package is more critical now given the current economic environment where small business hiring, capital spending and earnings are at record lows.”
Kratovil noted that the bill is fully paid for and will not increase the deficit; the non-partisan Congressional Budget Office has determined that this bill is fully compliant with recently-passed Pay-As-You-Go (PAYGO) requirements. The bill also provides the U.S. Treasury Department with significant new tools to find and prosecute U.S. individuals that hide assets overseas from the Internal Revenue Service and delaying tax breaks on foreign interest payments that have shipped jobs overseas.
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Congressman questions witnesses in hearing, introduces PRIME Act to combat the disease.
(Washington, DC) – Congressman Elijah E. Cummings, (MD-07) today announced the Prostate Research, Imaging, and Men’s Education (PRIME) Act, H.R. 4756, which will provide federal funding for screening, detection and treatment of prostate cancer.
Cummings also questioned witnesses in a hearing regarding new concerns over screening and treatment for prostate cancer. The hearing, held by the House Committee on Oversight and Government Reform, was requested by Cummings who has long been an advocate for prostate cancer awareness.
Thousands of families in the United States are impacted by prostate cancer each year. It is the second most common cancer in men, striking 1 in every 6, and is the second leading cause of cancer-related death in men. In 2009, studies reported that over 190,000 men were diagnosed with prostate cancer and more than 27,000 died from the disease. While no man is immune to this threat, African American men are 60% more likely to be stricken with prostate cancer and have a 100% higher mortality rate than Caucasians.
“Despite the tragic statistics surrounding prostate cancer, there are no reliable, accurate diagnostic tools for the detection and treatment of the disease,” said Cummings. “We must allow patients to make informed decisions. I am concerned that many men will not bother to have the initial discussion with their physician because of new reports that screening will not make a difference in their overall health.
The PRIME Act establishes a new funding initiative within the National Institutes of Health to research and develop prostate imaging technologies in order to substantially improve prostate cancer detection and treatment, making them comparable to mammography.
The bill authorizes $100 million per year for five years in HHS-funded research to develop such technologies. The legislation also authorizes $20 million per year for five years to develop an improved prostate cancer blood test and $10 million per year for public awareness and education. It also creates a national campaign to increase awareness about prostate cancer screening.
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