Renewable Energy and Job Creation Act of 2008

Floor Speech

BREAK IN TRANSCRIPT

Ms. McCOLLUM of Minnesota. Mr. Speaker, I rise in support of the Renewable Energy and Job Creation Act and congratulate Speaker PELOSI and Chairman RANGEL for putting forward legislation that will make a real difference for American families.

H.R. 6049 extends and expands tax incentives for renewable energy and encourages energy efficiency. At a time when families are facing record-breaking gas prices, this bill will help to reduce our dependence on foreign oil and lower energy bills. These tax incentives will also create and preserve good-paying ``green collar'' jobs such as those in the wind and solar industries.

The Renewable Energy and Job Creation Act also furthers our nation's innovation efforts by extending the research and development tax credit for 27,000 companies. It is critical for our global competitiveness that we encourage and support entrepeneurs and new ideas.

For families struggling to make ends meet in this difficult economy, this bill provides 30 million homeowners with property tax relief, expands the child tax credit, and extends the state and local sales tax deduction. It also helps students afford higher education with a tuition deduction and provides our teachers a tax deduction for classroom expenses. Finally, this legislation provides additional tax relief under the Earned Income Tax Credit for 22,000 troops in combat.

Mr. Speaker, to ensure that our children and grandchildren are not burdened with additional debt, this bill is fully paid for by closing a tax loophole for offshore companies and delaying a tax break for U.S. multinational companies. These changes not only ensure this bill follows pay-go, they also improve the fairness of our tax code.

H.R. 6049 is critical to our long term energy policy and to family budgets. I urge my colleagues to join me in supporting this important bill.

Source