Tag : Renewable Energy
U.S. Rep. Loebsack: Votes to strengthen Iowas renewable energyindustry
9/26/2008

CONTACT: Gabby Adler
Gabby.Adler@mail.house.gov
202.226.6476, office

House of Reps. Extends and Expands Renewable Energy Tax Credits

Washington, DC  Today Congressman Dave Loebsack voted in strongsupport of the Renewable Energy and Job Creation Act of 2008, H.R.7060, to extend and expand tax incentives for the production ofrenewable electricity, energy, and fuel, as well as for furtherdevelopment and installation of alternative fuel pumps for E-85 andnatural gas. As a result, this legislation will encourage new andsignificant investments in the development renewable energy, createhundreds of thousands of new jobs, help end our dependence onforeign oil, and reduce taxpayer funded subsidies to oil companies.

Our state is a leader in renewable energy, and Iowans must berecognized and commended for their great ingenuity, saidCongressman Dave Loebsack. The Renewable Energy Tax Creditsincluded in this legislation will increase the use of Iowashomegrown fuels, create new jobs in our state, and bring increaseeconomic development to Iowas rural areas.

Currently, Iowa is our nations number one producer of Ethanol,Biodiesel, and Biomass. Iowa is also the largest U.S. producer ofwind energy, and the Second district is home to numerous windenergy industries. To ensure Iowa remains a leader in renewableenergy development and production, and continues to create newhigh-paying jobs in this field, Congressman Loebsack has supportednumerous efforts to extend and expand tax incentives for theproduction of renewable energy, and worked with his colleagues toensure passage of H.R. 7060.

Renewable Energy Tax Credits provide the incentives and stabilitynecessary to expand production of renewable energy and strengthenthe renewable energy industry, added Congressman Loebsack. Ifthese provisions are not signed into law, our states economy willface hardship as renewable energy production facilities are forcedto shut down.

The Renewable Energy and Job Creation Act of 2008 of would provideapproximately $15 billion of tax incentives for investment inrenewable energy, electricity, and fuel, including Iowas ownhomegrown fuels  like wind, solar, and biofuels. These taxcredits are essential for the continued development of Iowas therenewable energy industry.