Today, Congressman Jerry McNerney (CA-11), voted in favor of H.R. 1, the American Recovery and Reinvestment Act, which will help create and save close to 4 million American jobs by investing immediately in our struggling economy.
The American Recovery and Reinvestment Act, developed in conjunction with the new Obama Administration, passed the House by a vote of 244-188.
"Today, the House took a necessary step to help stimulate our economy by voting in support of the American Recovery and Reinvestment Act," Rep. McNerney said. "This bill will help us create critically needed new jobs by investing in shovel-ready infrastructure, transportation and energy projects that are ready to go, putting people to work immediately, while providing substantial funding to our education system, improving health care delivery and providing a tax cut to 95 percent of the hard working families in this country."
"The economic recovery bill we considered today not only creates good paying jobs immediately, it also cuts taxes for hardworking families," McNerney said. "We're going to put money back in people's pockets by expanding the child tax credit and the earned income tax credit, which means middle-class families can stay ahead of the tough economy."
Included in the legislation is a three year extension of the Production Tax Credit for wind energy through 2012, as well as energy generated using biomass, geothermal, hydropower, landfill gas, and marine facilities through 2013. A multi-year extension of the Production Tax Credit has been a priority of Rep. McNerney's.
H.R. 1 also provides other tax incentive options to businesses that place new renewable energy facilities in service during 2009 and 2010. With this legislation, renewable energy companies can claim the Production Tax Credit, which is a credit on renewable energy that is produced, or an Investment Tax Credit on renewable energy investments. The bill also creates a new Energy Department grant of up to 30 percent of the cost of building a new renewable energy facility. With these three options available, our nation's capacity to produce renewable energy will double.
"Taking action on this economic recovery package will create American jobs now, and will lay a foundation for long-term growth," Rep. McNerney said.
"I know it will take time to turn this economy around, but I am confident that this package will make our economy stronger," Rep. McNerney said.
According to noted economist Mark Zandi, the American Recovery and Reinvestment Act will create or save over 800,000 jobs in California by the end of 2010 and reduce the state's unemployment rate by over 2 percent.