Senator Reid asked unanimous consent the Senate take up and pass S.1859, submitted earlier today by Senator Reid. The bill includes the following provisions:
– an extension of a provision to exclude mortgage debt forgiveness from taxable income;
– deductions for state and local sales taxes, qualified tuition expenses for students, and classroom expenses that teachers pay for out of their own pockets;
– a commuter benefit that helps workers who take mass transit to their jobs every day;
– the New Markets Tax Credit and the Low Income Housing Credit;
– tax benefits to encourage investment in our nation’s infrastructure, such as the Short Line Rail Tax Credit; provisions that encourage the development of renewable energy technology, including the production tax credit for wind, as well as credits to promote the development of biofuels, alternative fuel vehicles, and energy-efficient buildings; and
– tax incentives for small and large businesses, including Section 179 expensing, bonus depreciation and the R&D credit;
Senator McConnell asked that the request be modified and that the pending cloture motions on Executive nominations be withdrawn; and that following disposition of the Defense Authorization bill, the Senate proceed to the consideration of H.R.2668, and that the text of S.1859 be the first amendment in order, and that the Majority and Minority sides then be recognized to offer amendments in an alternating fashion.
Senator Reid objected and Senator McConnell objected to the original request.