Democratic Energy Tax Bill Targets American-made Supplies for Tax Increases

Press Release

Democratic Energy Tax Bill Targets American-made Supplies for Tax Increases

Congressman Lee Terry tonight voted against H.R. 2776, the Democratic energy tax bill that passed by a vote of 221 to 189.

"Increasing taxes on American oil and gas companies does not bring the United States greater energy security and is not a plan to promote renewable energy and conservation. Increasing taxes on American companies will ultimately hurt American families filling up their vehicles because without stabilized energy supplies, gas prices will go higher," Congressman Terry said. "It is unrealistic to ignore the current need for stable supplies of oil and natural gas, even as we seek greater use of renewable energy sources."

Terry said he supported the bill's extensions of several current tax credits for renewable energy that he has strongly advocated, such as fuel cell technology and E-85 fuel at alternative filling stations.

Unfortunately, H.R. 2776 also raises taxes on American companies that produce oil and natural gas, threatening American jobs and raising taxes on American companies between $15 billion and $16 billion.

"This is the Majority's second major tax increase proposal on American energy producers this year, and yet Americans families are feeling no relief," Congressman Terry said.

Congressman Terry continues to advocate a comprehensive energy plan that will increase energy produced here at home, increase renewable fuels, and encourage conservation and efficiency. He encourages the U.S. Government to lead by example through his work on bipartisan legislation such as requiring renewable fuels to be used in government vehicles. Today he offered legislation during debate on a second energy bill, H.R. 3221, to encourage the use of geothermal heat pumps (GHPs) to heat and cool all Federal buildings.

The House passed Congressman Terry's GHP amendment to encourage the use of this technology that reduces energy use by more than 40 percent compared to air source heat pumps and by more than 70 percent compared to electric resistance heating with standard air-conditioning equipment. GHPs are a proven technology to reduce emissions and energy consumption. Congressman Terry led a discussion on his GHP amendment on the House floor, and video is available: http://clips.shadowtv.net/media/stv/3343/8/2007/216/13/3343_8_20070804_133600_259.wmv

Congressman Terry is a member of the House Energy and Commerce Committee.

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