McNerney Lauds Renewable Energy Bill

Press Release

MCNERNEY LAUDS RENEWABLE ENERGY BILL

Congressman Jerry McNerney (CA-11) today backed legislation that will extend a series of critically important renewable energy tax credits currently set to expire. Having worked in the wind energy industry and experienced both the existence and disappearance of these tax credits, extending them has been a priority of his.

The Renewable Energy and Job Creation Act was approved by the House by a vote of 263-160.

"These tax incentives have helped turn solar, wind and other sources of clean, renewable energy into major energy sources. In fact, the Department of Energy just recently released a report estimating that wind could provide 20 percent of the nation's energy by 2030," said Rep. McNerney. "This bill invests in renewable energy sources, protects our environment and will help create hundreds of thousands of family-wage green jobs."

H.R. 6049, the Renewable Energy and Job Creation Act extends:

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

These provisions are critical to preserving hundreds of thousands of good-paying green collar American jobs. A recent study showed that allowing the renewable energy incentives to expire would lead to about 116,000 jobs being lost in the wind and solar industries through the end of 2009.

Conversely, maintaining these tax incentives to encourage the growth in the use and production of renewables could lead to the creation of hundreds of thousands of new jobs over the next few years, numerous studies have found.

Barry Cinnamon, CEO of Akeena Solar, the nation's largest solar installer, which maintains a corporate headquarters in Los Gatos and a regional office in Manteca, had the following to say about Rep. McNerney's efforts in extending these tax credits, "We at Akeena Solar appreciate Congressman McNerney's leadership on developing and expanding renewable energy use and production and his work on extending the solar investment tax credit. Having worked in the renewable industry he knows how important these tax credits are and, more importantly, their ability to transition our power to a renewable source, especially at a time when gas and electricity prices are skyrocketing."

The legislation also supports businesses and provides tax relief to millions of American families. The bill 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. The bill would expand eligibility for the $1,000 refundable child tax credit and provide tax relief to homeowners who do not itemize their deductions by permitting them to deduct up to $700 of property taxes in addition to their standard deduction.

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