House Passes Landmark Energy Legislation
WASHINGTON, D.C. -- A bipartisan majority of the House of Representatives today approved an innovative package of tax incentives to encourage the use and production of renewable energy and energy conservation and repeal excessive tax breaks for oil and gas companies. The Clean Renewable Energy and Conservation Tax Act of 2007, as included in H.R. 6, the Creating Long-Term Energy Alternatives for the Nation Act of 2007, includes tax credits and bonds to promote investment in renewable energy production, alternative fuels, and other critical energy conservation initiatives. The measure passed by a vote of 235-181.
“Earlier this year, Congress made a promise when it passed H.R. 6, the CLEAN Energy Act of 2007, to use funds raised from repealing tax breaks for the oil and gas industry to promote renewable energy and energy efficiency, and this legislation makes good on that promise,” said Chairman Rangel. “The tax provisions passed today reflect the views of the House and the Senate, and were developed in close coordination with Senate Finance Committee Chairman Baucus. The compromise package now goes to the Senate where it deserves strong bipartisan support.”
The compromise tax package includes robust incentives for renewable energy production, increased efficiency, plug-in electric drive vehicles, and incentives for carbon capture and sequestration coal demonstration projects. The package facilitates and advances the development of advanced electricity infrastructure, contains incentives to mitigate carbon emissions, promotes the production of renewable energy and the security of America’s domestic fuel supply, and encourages energy savings and efficiency.