Tell Your Representative to Support Clean Energy Tax Incentives
The House of Representatives may vote as soon as tomorrow (Feb. 27) on the Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351). This critical piece of legislation would eliminate $18 billion in tax breaks to the oil industry to help pay for an extension of federal tax incentives for clean, renewable energy. Extending these clean energy tax incentives, which are set to expire by the end of the year, is critical to the continued expansion of wind, solar, geothermal and other renewable energy sources.
In addition to providing extended production tax credits for renewable energy, H.R. 5351 would provide tax credits for residential solar power technologies and energy-efficient homes, as well as tax deductions for energy-efficient commercial buildings. The bill also provides tax credits for the purchase of plug-in hybrid vehicles. To pay for the extension of these clean energy tax incentives, H.R. 5351 would repeal tax breaks for an oil industry that earned record profits in 2007.
Whereas Congress has traditionally renewed clean energy tax incentives for only two year periods, H.R. 5351 would extend these incentives for ten years. This will help to create greater stability for wind, solar and other renewable energy industries that qualify for the incentives included in the bill.
Extending tax incentives for renewable energy will reduce global warming emissions by speeding up our transition away from dirty, polluting fossil fuels like oil and coal. H.R. 5351 will also prevent the significant loss of jobs that would result if the current incentives are allowed to expire, and instead will help to create new job opportunities in a burgeoning renewable energy industry. Tell your representative to vote Yes on the Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351).
