Washington D.C. – Earlier today, U.S. Representative Allyson Schwartz voted in strong support of a plan that moves our country forward in a stronger, more secure direction by extending tax relief to millions of American families, promoting economic growth, and enhancing the ability of American businesses to compete internationally. The bill, the Renewable Energy and Job Creation Act of 2008, passed the House with a bipartisan vote of 263-160.

As a member of the Ways and Means Committee, which has jurisdiction over all tax, trade and Medicare policies, Schwartz helped write this comprehensive package and was particularly outspoken on a provision in the bill providing tax deductions for the construction of energy efficient commercial buildings. This provision is modeled after a bill that Schwartz has introduced, the Buildings for the 21st Century Act, which provides tax incentives for the building of energy efficient commercial buildings.

Schwartz’s floor statement in support of the Renewable Energy and Job Creation Act of 2008 follows below.

“I rise today as a member of the Ways and Means Committee in strong support of our work on the Renewable Energy and Job Creation Act of 2008.

“This package encourages the innovation and entrepreneurship needed to advance America’s energy independence.  By extending critical tax policies, it promotes economic growth, enhances the ability of American businesses to compete internationally, and provides much needed relief to American families.
 
“This proposal extends critical provisions like:

“The R+D Credit which encourages innovation and creates jobs;

“The higher education expense deduction which helps American families send their children to college, and; 

“The expansion of the Child Tax Credit that will provide relief to millions of Americans -- including the parents of over 400,000 children in Pennsylvania.

“I am particularly proud of the provisions that will encourage renewable energy development and incentivize conservation – including the provision I championed to extend the energy efficient commercial building tax deduction.
 
“But, this is not the first time we have passed these energy provisions in the House. 

“This bill is a compromise that advances these important energy and economic goals – and it does so without adding to the national debt. 

“This bill passed in Committee on a Bipartisan vote –I encourage my colleagues on both sides of the aisle to join me in supporting it today.

“With a strong bipartisan vote, we can send an important message to the Senate and the White House that it is time to get this done to build America’s energy independence, reduce costs for American businesses and families, enhance our global competitiveness, and protect our planet.”

Key Elements of the Renewable Energy and Job Creation Act of 2008

RELIEF FOR INDIVIDUALS AND AMERICAN FAMILIES

• Deduction of state and local sales tax.
• Deduction of tuition and other education expenses.
• Deduction of out-of-pocket expenses by teachers.
• Deduction of property taxes for non-itemizers.
• Relief for more than 12 million children through an expansion of the refundable child tax credit to taxpayers earning $8,500 a year.

INCENTIVES FOR INNOVATION AND INVESTMENT

• Extending the research and development credit and active financing provisions.

ENERGY AND ENVIRONMENTAL PROVISIONS:

• Incentives to encourage energy efficient products, such as plug-in hybrids cars, and incentives for energy conservation in both commercial buildings and residential structures.
• Incentives for the production of renewable fuels such as biodiesel and renewable diesel and cellulosic biofuels.
• Tax credit bonds providing state and local government with funds to make energy conservation investments in public infrastructure and invest in research.
• A six-year extension of the investment tax credit (ITC) for solar energy.
• Three-year extensions of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, landfill gas and solid waste.
• A one-year extension of the PTC for energy derived from wind.
• Tax incentives for coal electricity plants that capture and sequester carbon dioxide.

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