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Pelosi Statement on House Passage of Legislation Extending Tax Credits for Renewable Energy


Location: Washington, DC

Pelosi Statement on House Passage of Legislation Extending Tax Credits for Renewable Energy

Speaker Nancy Pelosi released the following statement on the Renewable Energy and Job Creation Tax Act of 2008, which will extend and expand tax incentives for renewable energy passed the House today by a vote of 257 to 166:

"With the American people pinched at the pump, and seriously concerned about the state of the economy, the House has taken action again today to cut taxes for millions of middle-class families, invest in renewable energy technologies to create high-paying green jobs, make America more energy independent, and remove incentives in the tax code that encourage shipping jobs and investment overseas.

"When I became Speaker, I made energy independence the top priority for the New Direction Congress. This legislation holds true to that commitment, investing in the future and the ingenuity of the American people to create and deploy cutting-edge renewable technologies that will reduce our dependence on foreign oil.

"This legislation also holds true to our commitment to fiscal responsibility. By closing loopholes that allow corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas and curtailing unnecessary tax subsidies for big, multinational oil and gas companies, we are ensuring that future generations don't foot the bill for the progress we can make today.

"I urge my colleagues in the Senate to seize the opportunity to enact this bill law, thus creating and saving jobs in a difficult economy, providing essential tax relief to families and businesses, and speeding our transition to a clean, renewable energy and energy efficient future."

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