WASHINGTON, D.C.- A bipartisan majority of the House of Representatives today approved an innovative package of tax incentives to encourage the use and production of renewable energy and energy conservation and repeal excessive tax breaks for oil and gas companies. H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007 includes tax credits and bonds to promote investment in renewable energy production from wind, solar, geothermal, cellulosic ethanol and biofuels and other critical energy conservation initiatives. The measure passed by a vote of 221-189.
“This bill makes an investment in America’s energy independence through long-term incentives for the production and use of renewable energy and energy conservation." said Ways and Means Chairman Charles B. Rangel (D-NY). “This bill sets an example by closing loopholes and repealing generous tax breaks to oil and gas companies enjoying record profits, to help American companies and communities lead the way in developing technologies to reduce greenhouse gas emissions and combat the harmful effects of global warming. H.R. 2776 will also help cities and states provide bonds and grants to make sure that working families and businesses can do their share to purchase energy efficient heat pumps, appliances and make home improvements to conserve energy."
Chairman Rangel introduced H.R. 2776 in June and the measure was approved by a bipartisan majority of the Committee on Ways and Means later that month. The bill will now move to the U.S. Senate for consideration along with H.R. 3221, the New Direction for Energy Independence, National Security, and Consumer Protection Act.
