RENEWABLE ENERGY AND JOB CREATION TAX ACT OF 2008 -- (House of Representatives - September 26, 2008)
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Mr. KIND. Mr. Speaker, I rise today in support of H.R. 7060, the Renewable Energy and Job Creation Tax Act of 2008. This bill provides much needed tax relief for many Americans and will help create jobs at a time when unemployment is increasing. Furthermore, this legislation provides needed incentives for renewable energy investments that will help reduce greenhouse gas emissions and decrease our dependence on foreign oil.
These are uncertain times for the economy. The troubles on Wall Street have created problems on Main Street, and America's working families are struggling. In times like these, we need tax relief that everyone can count on. The legislation before us today will help achieve this goal.
First, H.R. 7060 extends several important expiring tax provisions. In particular, the bill will provide property tax relief for tens of millions of Americans, support for parents through an expanded child tax credit, relief for more than 11 million families through state and local sales tax deduction, help for more than 4.5 million families to cover the cost of education through the tuition deduction, and relief for more than 3.5 million teachers who will be reimbursed for out-of-pocket expenses for their classrooms.
H.R. 7060 also addresses the need for more clean energy production in our country by providing long term extensions of the renewable energy production tax credit and the solar energy and fuel cell investment tax credit, while amending them to increase accessibility. These long term extensions will give utilities and investors the predictability they need to move forward with new generation projects in the years to come. The bill also addresses energy use and carbon emissions by extending multiple energy efficient credits for homes and businesses, creating incentives for carbon capture and sequestration demonstration projects, and calling for carbon audit of the tax code to determine what policies are encouraging wasteful energy use and unnecessary carbon emissions. The bill also addresses our dependence on dirty foreign oil by extending and improving tax credits for the production of cellulosic biofuels and plug-in electric vehicles.
Finally, this bill is fully offset and complies with pay-go rules. Under the leadership of Chairman Rangel and Speaker Pe losi, we are demonstrating that we can provide tax relief without sending the debt on to our children. After years of fiscal recklessness--deficit financed tax cuts for the wealthy and out of control government spending--this bill sets a precedent of fiscally responsible tax reform.
Again, Mr. Speaker, I am happy to support this sensible and fair tax bill before us today. I urge my colleagues to support H.R. 7060.
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