House Passes Clean Energy Tax Incentives…Again!
The U.S. House of Representatives passed the Renewable Energy and Energy Conservation Tax Act of 2008 yesterday with a vote of 236-182. Unlike many bills that move through Congress, this one could actually affect your bottom line as a consumer!Have you recently toyed with the idea of making a few energy efficiency upgrades to your home but haven't found the time? Do you have your eye on plug-in hybrids headed toward auto showrooms in the next few years? Without passing this tax package into law, consumer tax credits for home retro-fitting and plug-in hybrid purchases will expire at the end of 2008!
Clean energy industry tax credits will also expire at the end of this year if Congress does not successfully extend them. Booming clean energy industries such as wind, solar, biomass, and geothermal heavily rely on production and investment tax credits to provide investment security for venture capitalists putting their green bills toward green action. But without extending these incentives, these growing industries could begin to shrink.
HR 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, would pay for clean energy tax incentives by redirecting billions of dollars in tax handouts to oil and gas companies toward low-carbon energy industries.
Isn't this a no-brainer?
The House has voted to extend these incentives three times in the past six months; you can do your part to turn these proposals into law by sending your Representative a note about their vote and urging your Senators to support the package when it hits the Senate floor next week!
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