Renewable Tax Bill Up for Vote This Week

Speaker of The U.S. House of Representatives Nancy Pelosi, House Majority Leader Steny Hoyer, and Ways and Means Committee Chairman Charles Rangel have released a statement on the Renewable Energy and Energy Conservation Tax of 2008 (H.R. 5351), which will be voted on in the House this week.

H.R. 5351 will increase investment in clean, renewable energy and energy efficiency and will pay for that investment by repealing unnecessary tax breaks to traditional energy companies. It is similar to the Renewable Energy and Energy Conservation Tax Act (H.R. 2776) that passed the House as part of a bipartisan energy package in August 2007 but was stripped in order for the package to pass in the Senate.

“The bill extends and expands tax incentives for renewable electricity, energy and fuel, as well as for hybrid cars, and energy efficient homes, buildings, and appliances. It does not add to our deficit, but rather repeals $18 billion in tax subsidies for Big Oil companies. By strengthening our renewable energy sector, the bill will help create the next generation of good-paying, green collar jobs and bring down energy prices in the long term,” the statement said.

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