Extend Production and Investment Tax Credit

Floor Speech

Mr. McNERNEY. Mr. Speaker, tomorrow the House will vote on commonsense legislation to extend the production tax credit and investment tax credit and pay for it by reducing wasteful subsidies to big oil companies.

As an expert in renewable energy, I am confident that this legislation will ease the pain at the pump and allow our economy to create fam ily wage jobs and make America less dependent on foreign oil.

The bill we will vote on comes just after the big five oil companies report record profits. Our bill will channel unnecessary funding that goes to oil companies back to the renewable industry where it's greatly needed. I cannot overstate the urgency of extending the production tax credit and the investment tax credit as soon as possible.

As with any other form of electrical generation, renewable energy products must adhere to development timelines. And if the schedule of a project is delayed due to uncertainty about the tax credits, a year-long construction cycle will be lost, setting our country further behind foreign competition.

Mr. Speaker, I urge all my colleagues to see the importance of this legislation and join us tomorrow in passing it.

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