Path Towards Energy Independence and Investment in Renewable Energy

Press Release

As gas prices continue to rise and the economy worsens, Chief Deputy Whip Diana DeGette helped put our nation on a path towards energy independence and provide needed tax relief to American families by supporting The Renewable Energy and Job Creation Act of 2008, which passed on a vote of 253 to 160. The Act provides $18 billion in tax incentives for investment in renewable energy, carbon capture and sequestration demonstration projects, energy efficiency and conservation and gives targeted tax relief to American families and businesses.

"If Americans want lower gas prices and to reduce our reliance on foreign oil, we need to invest in clean renewable energy and fuels we can produce at home," said DeGette. "The Renewable Energy and Job Creation Act of 2008 renews vital tax incentives to encourage the use of solar, wind, and other renewable energy and fuels bolstering our energy production and saving over 100,000 renewable energy jobs."

The legislation also extends the research and development tax credit to spur American innovation and business investment, and cuts taxes for millions of Americans, including teachers, college students and families in states with no income tax.

"Our weak economy has left many families and businesses across Colorado struggling to make ends meet. Providing targeted tax cuts to small businesses and to those who need it most will create jobs and give some needed tax relief for hard working American families," concluded DeGette.

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