Renewable Energy Tax Credits to be Extended, McNerney Announces

Press Release

RENEWABLE ENERGY TAX CREDITS TO BE EXTENDED, MCNERNEY ANNOUNCES

Today Congressman Jerry McNerney (CA-11) applauded the House Ways and Means Committee for passing legislation that will extend Investment and Production Tax Credits. These tax credits have led to the growing use and production of renewable energy like wind, solar and geothermal.

"I spent more than 20 years in the renewable industry and know firsthand how critical the production and investment tax credits have been in spurring renewable energy use and production. I applaud the Ways and Means Committee for heeding the call and moving to get these tax credits extended," said Rep. McNerney. "Extending these tax credits means more domestically produced clean, sustainable energy and more family-wage green jobs."

The legislation, H.R. 6049, The Energy and Tax Extenders Act of 2008, passed the Ways and Means Committee today by a vote of 25-12.

Specifically, as it relates to the renewable energy tax credits, the bill will:

* Extend the investment tax credit (ITC) for solar energy by six years;
* Extend the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, landfill gas and solid waste for three years; and
* Extend the production tax credit (PTC) for energy derived from wind for one year.

Since arriving in Congress, Rep. McNerney has doggedly worked with other legislators in pushing to extend the production and investment tax credits. In fact, on Tuesday he joined with Rep. Gabrielle Giffords in sending a letter to Speaker Nancy Pelosi requesting a multi-year extension.

"We appreciate Congressman McNerney's steadfast support for renewable energy sources," said Monique Hanis, spokesperson for the Solar Energy Industries Association. "Passing H.R. 6049 will prevent a major disruption in the deployment of more than 5,000 megawatts of utility-scale and rooftop solar projects that will help power California and the rest of the nation - increasing our energy security and independence while creating tens of thousands of green-collar jobs across the country."

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