Gillibrand Votes to Reduce Dependency on Foreign Oil; Create New Jobs in New York

Press Release

Gillibrand Votes to Reduce Dependency on Foreign Oil; Create New Jobs in New York

Today, local Congresswoman Kirsten Gillibrand voted in favor of the Renewable Energy and Energy Conservation Tax Act of 2008 [H.R. 5351], legislation that will end tax breaks for oil and gas companies making record profits in order to establish an energy plan based on clean, renewable energies, which will create high-paying jobs in Upstate New York.

"Making America energy independent will put more money back into the pockets of Upstate New York's families and businesses, while also improving our economic, environmental and national security," Congresswoman Gillibrand said. "This legislation begins the process of developing the infrastructure and investment necessary to make Upstate New York the market leader in clean, renewable energies."

Since 2001, the price of gas in New York has increased from $1.43 to $3.30 - an increase of over 130%. Furthermore, during this time frame, the cost of home heating oil has tripled for American families.

Gillibrand added, "In addition to lower energy costs for New York's families, this bill will strengthen the middle class and improve our economy by creating "green collar' jobs. Through investments in renewable fuels and energy efficient technologies, we will grow America's agricultural and manufacturing base."

The Renewable Energy and Energy Conservation Tax Act of 2008 contains the following provisions:

*Over $8 billion in long-term clean renewable energy tax incentives for electricity produced from renewable resources, including wind, solar, geothermal, biomass, hydropower, ocean tides, and landfill gas.

*Tax credits worth between $4,000 to $6,000 for working families to allow them to purchase fuel-efficient, plug-in hybrid vehicles, which will reduce their fuel costs.

*Up to $3.6 billion in interest-free financing for state and local governments to finance a variety of environmental conservation and efficiency programs

*Extends a residential energy-efficient property credit for solar panels and increases the credit from $2,000 to $4,000. The bill also includes residential small wind equipment and geothermal heat pumps as property qualifying for this tax credit.

* Incentives to expand production of homegrown fuels, including creating a new production tax credit for cellulosic ethanol produced from domestic, non-food feedstock's such as switchgrass, sawdust and paper pulp. It also includes incentives to increase the number of E-85 pumps for consumers with flexfuel vehicles. The bill also extends of the tax credits for biodiesel and renewable diesel.

H.R. 5351 is fiscally responsible and paid for by closing tax loopholes and eliminating subsidies for oil and gas companies. Yesterday, the price of oil closed at the highest level ever recorded at $100.88, and these high prices have correlated to record profits for oil companies. Last year, Exxon Mobil profits totaled $40.6 billion - the largest corporate profit in American history.

The Renewable Energy and Energy Conservation Tax Act of 2008 builds upon last year's Energy Independence and Security Act [H.R. 6] that was signed into law by the President. This bipartisan legislation included the first increase in automobile fuel efficiency standards in almost 30 years, while also setting new energy efficiency standards for public institutions, buildings, appliances and lighting.

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