Cornyn Joins Bipartisan Effort to Encourage Development of Renewable Energy

Press Release

U.S. Sen. John Cornyn announced today that he has joined with a bipartisan group of senators to cosponsor new legislation that encourages the development of renewable energy and expands energy efficiency in buildings, homes and appliances.

"Developing clean, renewable energy sources that help meet our future energy needs, while reducing our dependence on foreign sources remains one of the great challenges facing our country today," Sen. Cornyn said today. "This bipartisan legislation gives Congress an opportunity to break the political stalemate and begin to move forward on this critical issue."

Among other initiatives, the bipartisan Clean Energy Tax Stimulus Act of 2008 extends incentives to encourage renewable energy including tax credits for wind power, geothermal, biomass, and hydropower. It also includes a 30 percent business credit for the purchase of fuel cell power plants and solar energy property, in addition to extending credit for residential solar property and a one-year credit for energy efficiency improvements to existing homes.

"Texas in particular would benefit from these extended incentives and tax credits. Our state has long been a leader not only in domestic energy production, but in the production of alternative energy sources such as biodiesel and wind energy. This is an important, bipartisan bill that I hope will receive the consideration that it is due by the rest of our colleagues in the Senate," Sen. Cornyn concluded.

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