Late yesterday, details were released about the tax provisions of the stimulus package under consideration in the House. In response to the renewable energy portion, Congressman Jerry McNerney (CA-11) made the following statement.
"Yesterday, the outline of the stimulus package tax provisions was released. While this was just a preliminary outline, with the details to be worked out over the coming weeks, several pieces of the package are encouraging - in particular the tax incentives for renewable energy production.
"Renewable energy companies are poised to expand, creating hundreds of thousands of stable, family-wage jobs and moving our nation towards energy independence and security. Wind, solar, geothermal and biofuel companies are harnessing natural energy sources while many new companies are conducting innovative research using algae and agricultural waste products to produce energy.
"They simply need an additional incentive.
"In particular, I was pleased to see the inclusion of a longer-term extension of the Production Tax Credit for wind energy. I am also committed to working for provisions to aid the immediate financing of new wind projects, some of the most cost-effective renewable energy produced today."