House Passes Energy Tax Legislation

Statement

On Wednesday the House passed legislation that will extend and expand tax incentives for renewable energy and spur American innovation and business investment by a bipartisan vote of 263-160.

I am proud to have voted for H.R. 6049, which upon enactment will reduce our dependence on foreign oil and protect the environment by increasing the production of renewable fuels and renewable electricity, and encouraging greater energy efficiency. The bill also includes extensions of several important tax credits that help create jobs here in the United States and help middle class families make ends meet.

On Wednesday, the House passed legislation to extend and expand tax incentives for renewable energy and spur American innovation and business investment by a vote of 263-160.

Upon enactment, H.R. 6049, which I am proud to have voted for, will reduce our dependence on foreign oil and protect the environment by increasing the production of renewable fuels and renewable electricity, and encouraging greater energy efficiency.

Silicon Valley is home to numerous companies that are developing the next generation of technologies for use in solar energy generation, fuel cells, and energy efficient appliances, and these incentives will help make those technologies more accessible to consumers. Major components of the bill include:

* A six-year extension of the investment tax credit (ITC) for solar energy;
* A three-year extension of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, landfill gas and solid waste, and a one-year extension of the PTC for energy derived from wind;
* Incentives for the production of homegrown renewable fuels, such as biodiesel and renewable diesel, and for the installation of E-85 pumps for consumers to fill up flex-fuel vehicles;
* Tax credits of $3,000 or more toward the purchase of fuel-efficient, plug-in hybrid vehicles;
* Incentives for energy conservation in commercial buildings, residential structures, and energy efficient appliances; and
* $3 billion in tax credit bonds to State and local government to make energy conservation investments in public infrastructure and invest in research.

The bill also includes extensions of several important tax credits that help create jobs here in the United States and help middle class families make ends meet, including:

* Extending the R&D tax credit and the special rules for active financing income;
* Helping 4.5 million families better afford college with the tuition deduction;
* Saving 3.4 million teachers money with a deduction for classroom expenses; and
* Providing 22,000 American troops in combat wihttp://mikehonda.blogspot.comth tax relief under the Earned Income Tax Credit.

H.R. 6049 represents a renewed effort to pass these critical tax incentives into law immediately while remaining fiscally responsible. Senate Republicans have long delayed this legislation, in their efforts to protect taxpayer subsidies for Big Oil companies raking in record profits. In the interest of expeditiously enacting this legislation, this bill is paid for by closing loopholes allowing U.S. corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas that are non-controversial and have passed the House with broad bipartisan support.)

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