Boyd Backs Plan to Invest in Renewable Energy, Create New Jobs

Statement

Boyd Backs Plan to Invest in Renewable Energy, Create New Jobs

Congressman Allen Boyd (D-North Florida) today supported the Renewable Energy and Energy Conservation Tax Act of 2008 (HR 5351), landmark legislation that will make significant new investments in renewable energy sources, create hundreds of thousands of new jobs, and help to end our dependence on foreign oil. The Renewable Energy and Energy Conservation Tax Act is a fiscally responsible bill that invests in renewable energy without adding to the deficit.

"This legislation marks a major investment in innovation and American job creation while still adhering to the fiscally responsible pay-as-you-go budget rules," said Congressman Boyd. "By investing in renewable energy sources, we can help to reduce our reliance on foreign sources of energy and put our country on a path to more affordable, environmentally-friendly, and stable fuel sources."

The Renewable Energy and Energy Conservation Tax Act extends and expands tax incentives for renewable electricity, energy, and fuel, as well as for plug-in hybrid cars and energy efficient homes, buildings, and appliances. The legislation also includes clean renewable energy bonds for electric cooperatives and public power providers, like those in North Florida, to finance facilities that generate electricity from renewable sources. To pay for renewable energy incentives, HR 5351 repeals unnecessary tax subsidies and loopholes only for large, integrated oil companies through narrowly targeted provisions.

"Let's innovate, not mandate, and that's exactly what this legislation is about--providing the incentives for the private sector to lead our nation to energy independence," Boyd stated. "There is no doubt that ending our dependence on foreign oil and utilizing renewable energy sources will make our country and our economy stronger, and this bill gets us closer to those goals."

The Renewable Energy and Energy Conservation Tax Act has been endorsed by various renewable energy, agricultural, rural electric, and environmental groups, including the American Council on Renewable Energy, the National Farmers Union, Florida Power & Light Company, the National Rural Electric Cooperative Association, and the League of Conservation Voters.

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