Loebsack Votes to Secure and Expand Iowa's Renewable Energy Industry

Press Release

Loebsack Votes to Secure and Expand Iowa's Renewable Energy Industry

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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