Washington (Sept. 30, 2002) -- Sen. Chuck Grassley, ranking member of the Senate Finance Committee, told reporters at a news conference that efforts to prevent action on the CARE Act, which includes the corporate expatriation provisions, are misguided. He was addressing a recent story in The Washington Post about an effort to stop Congress from acting on the legislation.

"I'm here to make the point that this legislation should pass, and it should pass this year," said Grassley. "I introduced a bill to reverse the expatriations in April. It was a bipartisan bill supported by the Finance Committee Chairman, Sen. Baucus. The Senate Finance Committee passed our bill unanimously in June."

"The bill was passed stand-alone and as part of the CARE Act, which would give more tax incentives to encourage charitable giving. The CARE Act would make sure the tax code eases the flow of generosity from taxpayers to many worthy causes.

"So I urge the Senate Democrat leadership to take up this committee-passed legislation -- which enjoys very strong bipartisan support -- on charitable giving and corporate expatriation as soon as possible."

-- Electronic Accountant Newswire staff

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