Freshmen N.M. representatives work together on child tax credit bill

The three members of New Mexico’s delegation — all Democrats — are working together on a bill to help make the federal child tax credit refundable. This is aimed at helping working families who don’t make enough to have a tax liability.

Harry Teague, the representative from the 2nd Congressional District, introduced H.R. 452, a bill which would make the Child Tax Credit refundable for the next five years. Reps. Martin Heinrich and Ben Ray Lujan, from New Mexico’s 1st and 3rd Congressional Districts respectively, signed on as original co-sponsors to the bill. Ohio Rep. Marcia Fudge, also a Democrat, is a co-sponsor of the bill as well.

“My constituents in Southern New Mexico sat by and watched as Wall Street banks benefited from a massive public bailout, and watched again as Congress acted to save Detroit automakers. By making the Child Tax Credit refundable we will give a helping hand to working Americans in Southern New Mexico and across the country,” Teague said in a statement.

Teague continued, “The working families that are eligible for this credit are the backbone of America. By making the Child Tax Credit refundable we can help them through these hard times and ensure the economy receives a full stimulus benefit when they begin to cycle those dollars back into the economy.”

The other two members of Congress from New Mexico signed on to the bill as well.

“This legislation will continue to provide much needed economic relief to those hit the hardest by the downturn in the economy –- our working families,” said Heinrich. “I will continue to work so that any stimulus package puts New Mexico’s working families first.”

Lujan commented, “By making the Child Tax Credit refundable for five years, we will help these families by putting money in the hands of those who need it the most. The Credit will stimulate the economy as the families spend the money they receive at local retailers and businesses that will be able to create jobs in our communities. I am proud to join the New Mexico delegation in supporting this important legislation that will help get our economy back on track.”

Teague also introduced HR 451, a bill that “would give businesses more support to invest in renewable energy projects,” according to a separate statement. This includes solar and wind energy projects in southern New Mexico.

“As a businessman who employed hundreds of New Mexicans in the oil and gas industry, I know from personal experience how promoting energy development can create good jobs,” Teague said in the statement. “Extending this credit will allow the renewable energy industries to further develop across the country and provide good jobs for Americans.”

Teague also sent a letter to Speaker of the House Nancy Pelosi and House Majority Leader Steny Hoyer regarding the two bills. The full text of the letter is included below.

Dear Speaker Pelosi and Majority Leader Hoyer:

As you know, America is experiencing its bleakest economic period since the Great Depression. According to reports, the jobless rate is expected to soon increase to 7 percent with double digit unemployment a possibility in the months ahead. An estimated 3.2 million Americans were unemployed this past November who were employed just a year earlier.

As much as anytime in our history, Americans are looking to their government for positive economic leadership and action to create and preserve jobs. My constituents in Southern New Mexico sat by and watched as Wall Street banks benefited from a massive public bailout, and watched again as Congress acted to save Detroit automakers. Now it is time for Congress to extend a helping hand to working Americans across the country and begin to fix this troubled economy. As a new Member of the House of Representatives, I look forward to working with you to pass economic stimulus legislation.

Last week, in one of my first actions as a Member of Congress, I introduced a package of legislation designed specifically to facilitate the economic recovery of Southern New Mexico. The package consists of two bills. H.R. 451 would extend the renewable energy production tax credit, which is critical to New Mexico’s growing wind energy industry, for an additional two years, providing business with the confidence to invest in new projects and create new jobs. As a businessman who employed hundreds of New Mexicans in the oil and gas industry, I know from personal experience how promoting energy development can create good jobs.

My second bill, H.R. 452, would stimulate the economy by getting money into the hands of people who need it most and would be sure to spend it. Specifically, it would make the child tax credit refundable for five years, meaning working class families would get the full benefit of the credit in this tough economy. In 2007, for example, 10.6 million children in working class families did not have enough income to qualify for the credit, and an additional 11 million low-income children received less than the full credit amount. By making their tax breaks refundable, we can help a vulnerable segment of the population through hard times and ensure the economy receives full stimulus benefit from our investment. Such a provision would be especially helpful to my district, whose median family income is only $37,187.

H.R. 451 and H.R. 452 would bolster the economy of, not only Southern New Mexico, but the nation as a whole. Investing in a new generation energy economy and providing stimulus to targeted populations is a good first step to putting these tough times behind us.

As you continue to assemble a stimulus package for Congress’ approval and President Obama’s signature, I strongly urge you to include the renewable energy and child tax credit provisions outlined in my bills. I thank you for your consideration and look forward to working with you to bring health to the American economy.

Sincerely,

Harry Teague

Member of Congress