Renewable Energy and Job Creation Act of 2008

Floor Speech

RENEWABLE ENERGY AND JOB CREATION ACT OF 2008 -- (House of Representatives - May 21, 2008)

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Mr. LARSON of Connecticut. Mr. Speaker, I thank the gentleman from Washington State.
I want to commend Mr. Rangel and Mr. Neal for an outstanding piece of legislation that they have put before us. I am particularly pleased with the extension of credits as it relates to fuel cell and geothermal technology, but wind and solar as well. To extend these credits in a manner that will allow us to become energy independent is something that is long overdue for this Nation. Let us hope that our colleagues on the other side are able to join us in making sure that we take a positive step forward for the future of energy independence.

What seems apparently is the stumbling block on the other side is that we are providing that we pay for this, and that we are doing so by, well, taxing a group of people who otherwise go untaxed and yet reap all the benefits of this great Nation. But those poor hedge fund guys who sequester their funds offshore and are making millions of dollars, to subjugate them to a tax, oh, just the thought of it sends a shudder up the spines of our dear friends on the other side. Imagine the people back home, the people that they talk about, that Mr. Burton said need this relief immediately. But to do so by taxing offshore hedge funds? Well, we can't have a part of that.

It is time for this country to get serious about energy independence. It is time for us to step up to the plate and for Americans to understand that people who are making funds offshore paying no taxes ought to contribute to making sure that we are able to move this Nation forward in the direction of energy independence.

I commend Chairman Rangel and RICHARD NEAL for this fine proposal.

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