MAY 21, 2008
Source: Sean C. Bonyun
Phone: (202) 225-3761
WASHINGTON, DC – Congressman Fred Upton (R-St. Joseph), top Republican on the House Subcommittee on Energy and Air Quality, applauded today’s passage of legislation extending tax credits for renewable sources of energy – the measure passed by a vote of 263 to 160. The Renewable Energy and Job Creation Act of 2008, H.R. 6049, extends the soon-to-expire renewable energy production tax credit through the end of 2009 – which includes energy sources such as wind, geothermal, closed-loop biomass, hydropower, landfill gas, and trash combustion facilities. Additionally, the legislation extends soon-to-expire tax credits for commercial solar energy and fuel cells through the end of 2014. Upton also supported alternative legislation for an across-the-board, five-year extension of the tax provisions for renewable energies, but that measure failed to pass the House this afternoon.
“It is imperative that renewable sources of energy such as wind and solar are part of the conversation as we seek to reduce harmful greenhouse gas emissions, all the while achieving energy independence,” said Upton. “Extending the tax breaks to encourage the development of renewable sources of power, we are sending the signal to firms in Michigan and across the country that the government will continue to be a loyal partner in the quest for green technologies.”
The Renewable Energy and Job Creation Act also extends the residential energy-efficient property credit, biodiesel production and renewable diesel credits, tax credit to manufacturers of energy-efficient appliances, the tax credit for alternative refueling stations, energy-efficient upgrades to existing homes and enhances the deduction for energy-efficient commercial buildings. Additionally, the bill includes tax credits for carbon capture and sequestration projects that remove harmful greenhouse gases from the air to be buried in the ground, and creates new tax credits for plug-in electric vehicles, the production of cellulosic ethanol and cellulosic biofuels, and extends transportation fringe benefits to those who bike to work.
“Fostering investment in renewable energies, especially wind and solar, will provide a shot in the arm to local firms like K&M Machine in Cassopolis,” said Upton. “K&M, which manufactures 35,000 pound wind turbines, is already moving forward with an expansion that will create 120 new jobs, and extending renewable energy tax incentives will allow them to further invest and hire even more workers. The benefits of the tax incentives are numerous – helping fortify our energy needs, boosting our local economy, all the while protecting the environment. With a renewed commitment to renewable sources of energy, we restore stability to the market and encourage the development of new, innovative green technologies.”
This article appeared on Congressman Fred Upton’s website.