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Hare Supports Extension of Tax Incentives for Renewable Energy

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Congressman Phil Hare (D-IL) today voted for the Renewable Energy and Job Creation Tax Act of 2008 which would extend several tax incentives for the production of alternative forms of energy. If the Senate concurs, it will head to the President's desk for his signature.

"Investing in clean, renewable energy will help lower gas prices, reduce our dependence on foreign oil, and allow the many agricultural producers in my district to grow and prosper," Hare said.

"Any serious energy independence plan must include a federal commitment to these new technologies," Hare continued. "Furthermore, at a time of recession and financial turmoil, this bill will create the green collar jobs necessary to lead America toward economic recovery."

The Renewable Energy and Job Creation Tax Act Includes:

-Eight-year extension of the investment tax credit (ITC) for solar energy.

-Multi-year extension of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, waves and tides, landfill gas and solid waste (through September 30, 2011).

-One-year extension of the PTC for energy derived from wind.

-Incentives for carbon capture and sequestration demonstration projects.

-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.

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