Investing in Renewable Energy
Earlier this year I helped pass through the House of Representatives the Renewable Energy and Energy Conservation Tax Act.
This legislation will repeal $18 billion in unnecessary tax subsidies for big oil and gas companies, including a Bush Administration tax benefit that has allowed five major oil companies to earn record profits. President Bush’s tax breaks will be replaced with expanded tax incentives for renewable energy and plug-in hybrid cars. These include over $8 billion in tax incentives for electricity produced from renewable resources, and between $4,000 and $6,000 in tax credits for individuals toward the purchase of fuel-efficient, plug-in hybrid vehicles.
These provisions will put us on a path towards energy independence and help America fight global warming. The legislation passed the U.S. House of Representatives by a vote of 236 to 182.