Committee on Ways and Means

FOR IMMEDIATE RELEASE
CONTACT: Press Office (202) 225-8933
July 18, 2001

WASHINGTON – Tonight a balanced package of tax measures that focus on energy production, conservation and reliability is a step closer to reality.

H.R. 2511, the Energy Tax Policy Act of 2001, passed the Committee by a vote of 24 to 17. The bill would provide over $33 billion in tax relief over the next ten years for individuals and businesses to implement new technologies that derive energy from renewable sources.

"This bill establishes sensible tax provisions that will encourage long-term energy solutions," said Ways and Means Chairman Bill Thomas (R-CA). "This reasonable plan will help Americans meet energy challenges now, before shortages and price volatility suppress our economic growth any further."

"We have made a positive step toward providing the country with a sound energy policy for years to come. The Energy Tax Policy Act represents a balanced approach for a national energy strategy which includes conservation, reliability, and production provisions," said Select Revenue Measures Subcommittee Chairman Jim McCrery (R-LA).

A description of the provisions passed by the Committee and the estimated revenue effects of these provisions can be found at: http://www.house.gov/jct/.