Udall Backs Renewable Energy and Job Creation Act

Press Release

Today Congressman Mark Udall, D_Eldorado Springs, joined a majority of the House of Representatives in support of legislation to help expand the production and use of renewable energy, create jobs across the country and provide tax relief to middle class families. The Renewable Energy and Job Creation Act was approved by the House by a vote of 263-160. Congressman Udall released the following statement.

"This legislation will extend critical tax credits for renewable energy and for American families while not adding to the federal deficit.

"As co-chair of the Renewable Energy and Energy Efficiency Caucus, I am especially pleased to see the House take action on needed tax credits for renewable energy. The Production Tax Credit (PTC) in particular has been instrumental in promoting the creation of a renewable energy industry. An extended PTC will provide more market certainty, and will help renewable energy companies expand in Colorado. I will continue to lead the fight to extend this key tax credit before the current credit expires at the end of 2008.

"This bill would also benefit families that want to invest in renewable energy. It would extend the credit for residential solar property for six years and increase the annual credit cap, currently capped at $2,000, to $4,000. And it would expand the definition to include residential small wind equipment and geothermal heat pumps so that consumers have more options.

"And this bill will also help Colorado businesses stay competitive by extending the research and development tax credit for one year. While I would like to see this key tax credit extended for more than one year, this is a step in the right direction.

"To help with the hard economic times that Coloradans are facing, this bill includes several other key tax credits, including expanding the child tax credit, allowing teachers to take a deduction for purchasing classroom supplies out of their own pocket, and providing additional support for families paying for college education. It also would allow military families eligible for the Earned Income Tax Credit to include combat pay in their gross income to maximize the value of their credit.

"I pleased that we moved this bill forward today. It will promote positive change that will benefit our families and rural communities, save consumers money, reduce air pollution, and increase reliability and energy security. I urge the Senate to pass this legislation quickly so that we can send it on to the President."

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