Path Towards Energy Independence And Investment In Renewable Energy

WASHINGTON – As gas prices continue to rise and the economy worsens,Chief Deputy Whip Diana DeGette helped put our nation on a path towardsenergy independence and provide needed tax relief to American familiesby supporting The Renewable Energy and Job Creation Act of 2008, whichpassed on a vote of 253 to 160. The Act provides $18 billion in taxincentives for investment in renewable energy, carbon capture andsequestration demonstration projects, energy efficiency andconservation and gives targeted tax relief to American families andbusinesses.

"If Americans want lower gas prices and to reduce our reliance onforeign oil, we need to invest in clean renewable energy and fuels wecan produce at home," said DeGette. "The Renewable Energy and JobCreation Act of 2008 renews vital tax incentives to encourage the useof solar, wind, and other renewable energy and fuels bolstering ourenergy production and saving over 100,000 renewable energy jobs."

The legislation also extends the research and development tax creditto spur American innovation and business investment, and cuts taxes formillions of Americans, including teachers, college students andfamilies in states with no income tax.

"Our weak economy has left many families and businesses across Coloradostruggling to make ends meet. Providing targeted tax cuts to smallbusinesses and to those who need it most will create jobs and give someneeded tax relief for hard working American families," concludedDeGette.