Today Congressman Dave Loebsack voted in strong support of the
Renewable Energy and Energy Conservation Tax Act of 2008, H.R. 5351, which will
extend and expand tax incentives for renewable electricity, energy and fuel, as
well as for plug-in hybrid cars, and energy efficient homes, buildings, and
appliances. As a result, this
legislation will make new and significant investments in renewable energy
sources, create hundreds of thousands of new jobs, help end our dependence on
foreign oil and slash taxpayer funded subsidies to oil companies.
“Our state is a leader in renewable energy, and Iowans must
be recognized and commended for their great ingenuity,” said Congressman Dave
Loebsack. “The Renewable Energy Tax
Credits included in this legislation will increase the use of Iowa’s homegrown
fuels, create new jobs in our state, and bring increase economic development to
Iowa’s rural areas.”
Currently, Iowa is our nation’s number one producer of
Ethanol, Biodiesel, and Biomass. Iowa is
also the third largest U.S. producer of wind energy, and the Second district is
home to numerous wind turbine manufacturers. To ensure Iowa remains a leader in
renewable energy development and production and continues to create new
high-paying jobs in this field, Congressman Loebsack cosponsored the Renewable
Energy and Energy Conservation Tax Act of 2008 and worked with his colleagues
to ensure today’s passage.
“Renewable Energy Tax Credits provide the incentives and
stability necessary to expand production of renewable energy and grow the
renewable energy industry,” added Congressman Loebsack. “I urge the Senate to move quickly and pass
this legislation and extend renewable energy tax credits another 3 years.”
The
Renewable Energy and Energy Conservation Tax Act would extend tax incentives
for renewable energy production, energy efficiency in commercial buildings,
investment in solar electric systems, use of efficient home heating and cooling
equipment, production of efficient home appliances, efficiency retrofits to
existing homes, and consumer purchases of energy efficient products. These tax credits are essential for the
continued development of the renewable energy industry.
The renewable energy investments
included in the Renewable Energy and Energy Conservation will help reduce our
nation’s dependence on foreign oil, increase renewable electricity production,
create jobs and protect our environment.
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