WASHINGTON, D.C. - The House Committee on Ways and Means, led by Chairman Charles B. Rangel (D-NY) showed bi-partisan support today for responsible, innovative tax policies to promote energy conservation and the production and use of renewable energy. The Committee voted 24 to 16 in favor of H.R. 2776 the “Renewable Energy and Energy Conservation Act of 2007. The bill will now head to the House floor for final passage.
“This is an innovative bill to help America address concerns about climate change and energy security through the increased production and use of renewable energy," said Chairman Rangel. “We have crafted a package of tax incentives that will foster the development of new technologies and encourage responsible, energy-efficient purchases by American consumers. Through a combination of tax incentives and new partnerships with state and local governments, we will help our country move away from dependence on foreign oil while addressing the growing concerns about global climate change."
The Committee approved by voice vote an amendment offered by Representative Eric Cantor (R-VA) which would prohibit the use of tax credit bond proceeds to purchase certain products, regardless of EnergyStar rating. Those products prohibited under the amendment are: water heaters installed for a hot tub or pool; cordless phones; digital to analog converter boxes; DVD players; home audio equipment; televisions and VCRs.
A summary of H.R. 2776 as approved by committee is attached.
