Washington D.C. – Today, the House Ways and Means Committee passed the Energy and Tax Extenders Act of 2008.  As a member of the Ways and Means Committee, which has jurisdiction over all tax, trade and Medicare policies, U.S. Rep. Allyson Schwartz helped write this comprehensive package and voted in strong favor of the plan.

“This package of tax incentives is vitally important to our nation’s economic and environmental future.  It rewards research and development, promotes conservation, and encourages innovation in the way our nation generates energy – which will create jobs, protect our environment, end our reliance on foreign oil, and it will reduce energy costs for American consumers and businesses,” said U.S. Rep. Schwartz.

 “American families are struggling with tough economic under the Bush economy. I pushed for this plan to take important steps to address the needs of hard-working American families, as well as provide tax relief to teachers and military service members and their families,” added Schwartz.

Key Elements of the Energy and Tax Extenders Act of 2008:

ENERGY AND ENVIRONMENTAL PROVISIONS:

• An incentive for the construction of energy-efficient commercial buildings.
• Improvements to incentives for the production of renewable energy and for investment in solar energy and fuel cell technology.
• Incentives for homeowners to make energy-efficiency improvements to existing homes.
• The creation of New Clean Renewable Energy Bonds (“CREBs”) and Qualified Energy Conservation Bonds, which will help businesses, cities and states to finance conservation and renewable energy efforts.
• Tax relief for individuals who contribute land and other property for conservation purposes.

RELIEF FOR INDIVIDUALS AND AMERICAN FAMILIES

• The creation of a new standard deduction for property taxes paid by homeowners.
• The continuation of the ability for all taxpayers to deduct for qualified tuition and related education expenses.
• An extension of the ability for retired Americans to make tax-free contributions to charitable organizations from their individual retirement plans.
• The continuation of the ability of elementary and secondary school teachers to deduct their out-of pocket expenses for classroom materials.
• An allowance for military families to count combat pay in the calculation of their earned income credit.

INCENTIVES FOR INNOVATION AND INVESTMENT

• The extension of the Research & Development credit.
• The extension of New Markets Tax Credit – which encourages investment and development in underserved communities.
• The extension of the active financing exception that enables U.S. based companies to compete in international markets and increase exports. 

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