WASHINGTON, D.C. - House Democrats today renewed their commitment to America’s energy independence by introducing H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008. The legislation would end excessive taxpayer subsidies to oil and gas companies and use that money to invest in tax incentives that would encourage the use and production of renewable energy and energy conservation. H.R. 5351 includes important tax credits to promote renewable energy production from wind, solar, geothermal, cellulosic ethanol and biofuels and other sources, many of which are set to expire at the end of the year.
"The American taxpayer should not be subsidizing oil and gas companies during times of record profits and record prices at the pump," said Ways and Means Chairman Charles B. Rangel (D-NY). "Instead, we need an energy plan that reduces our dependency on foreign oil and invests in clean, renewable technology that will create jobs here in America. This bill extends critical tax credits for the production and use of renewable energy while also encouraging families to invest in technology that conserves energy.
"If Congress fails to act this year, many of these valuable tax credits for renewable energy will expire," cautioned Chairman Rangel. "The Senate recently debated extension of expiring energy tax credits and this legislation gives them an opportunity to follow through on their expressed interest by working with the House to pass this bill."
Chairman Rangel introduced H.R. 5351 today.
