June 10, 2008

Stevens blocks bill to help victims of Exxon Valdez oil spill

Stevens Goes Back To Washington To Block Gas Relief Bill & Tax Relief Bill

U.S. Senator Ted Stevens (R-AK) blocked legislation today which would have included a provision that allows plaintiffs of the Exxon Valdez oil spill to average any settlement that they receive in connection with pending litigation in the federal courts over three years for federal tax purposes and allow these individuals to use these funds to make contributions to retirement accounts. Today, with the help of Stevens, the Senate failed to pass a gas relief bill and a tax relief bill. [Roll Call Vote #146, Roll Call Vote #147]

Today, with the help of Ted Stevens, the Senate failed to pass a gas relief bill and a tax relief bill.

"Senator Stevens voted against Alaskan families today," said Patti Higgins, State Chair for the Alaska Democratic Party. "Gas prices are at record highs and families are being stretched thin. These bills could have made a real difference. Unfortunately, Stevens continues to leave middle class families behind."

Rising gas prices have made it difficult for Alaskan families to stretch their household budgets. In May 2001, the average retail price per gallon of gasoline in Alaska was $1.67. The average gas price per gallon is $4.18 as of May 19, 2008. When adjusted for inflation, this represents an increase of 107 percent. [ Federal Highway Administration, U.S. Department of Transportation; American Automobile Association.] The Consumer-First Energy Act would have addressed some of the root causes of the record high gas prices. It would have rolled back tax breaks for oil companies while investing in renewable energy, created an Energy Independence Trust Fund to help consumers meet high energy costs, supporting clean energy technologies, and improving energy efficiency, stopped Wall Street speculation that is artificially driving up oil prices, prevented price gouging by oil producers and distributors, and allowed legal action in U.S. courts against OPEC for manipulating the price of oil.

The Renewable Energy and Job Creation Act was a tax relief package that would have included the Exxon Valdez provision. The legislation also included incentives for clean energy, college tuition tax credit, deductibility of state and local sales tax for states without income taxes, and research and development tax credit. Alaska 's nearly 8,000 teachers would have saved $2 million under a provision that allowed teachers to deduct their own money spent on classroom supplies. In addition, it would have change the child tax credit to include an additional 2.9 million children.

From a Alaska Democratic Party press release