Today, Congressman Joe Donnelly joined a bipartisan majority in the House of Representatives in support of legislation that would provide tax incentives for investment in renewable energy and create thousands of jobs. H.R. 6049, The Renewable Energy and Job Creation Act of 2008, passed the House by a vote of 263 to 160.
"As energy prices continue to rise, it is crucial that we promote renewable energy sources to reduce our dependence on foreign oil and spur job growth domestically," Donnelly said. "This legislation invests in the renewable energy sources of the future, protects our environment and would help create good-paying American jobs."
Also included in the legislation are provisions introduced by Donnelly to reinstate for one year the expired tax credit for environmental remediation of brownfields sites and to extend and expand the tax credit for the installation of alternative fuels pumps by gas station owners.
The Brownfields Environmental Remediation Tax Credit, which expired at the end of 2007, would allow those who redevelop brownfield sites to fully deduct environmental remediation costs. The measure would help communities develop abandoned and contaminated properties that often depress property values and impede economic development. Donnelly introduced H.R. 3897, The Brownfields Redevelopment Promotion Act, last year to extend and make permanent the credit.
The other Donnelly-introduced provision would expand the tax credit available to gas station owners who install alternative fuel pumpssuch as E-85and extend the credit through 2010. The credit is intended to increase the market availability of E-85. Donnelly originally introduced this provision as H.R. 2505, The E-85 PUMP Act.
In addition to Donnelly's provisions, the bill would extend the research and development tax credit to spur American innovation and business investment. It would also expand eligibility for the $1,000 refundable child tax credit and provide tax relief to homeowners who do not itemize by permitting them to deduct up to $700 of property taxes in addition to their standard deduction.
"This legislation is good for Indiana and good for America," Donnelly added. "In these rough economic times, this legislation would provide some relief to Hoosier families struggling to make ends meet, and it would promote a sound energy policy for our future."
The Renewable Energy and Job Creation Act of 2008 is fiscally responsible, does not add to the national debt, and closes loopholes that currently allow corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas.