Rep. Lofgren Votes to Expand Renewable Energy Investment
Bill Provides Tax Credit for Investments in Clean and Renewable Energy
Rep. Zoe Lofgren (D-San Jose) today voted in favor H.R. 5351, The Renewable Energy and Energy Conservation Tax Act of 2008, which encourages investments in clean energy and ends unnecessary subsidies to oil companies. This legislation expands and extends tax credits for renewable electricity, energy and fuel, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances. Additionally, the bill includes solar energy tax credits that could reduce carbon dioxide pollution by 240 million tons over the next eight years.
The bill balances these new tax credits by eliminating unnecessary tax subsidies for large oil and gas companies. The big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history. In California alone, gas prices have risen 132 percent since 2001, going from an average $1.44 per gallon to $3.34 per gallon. Oil is now selling for more than $100 a barrel, an all time high.
“These new tax credits will help ensure that Silicon Valley, and the United States, remain at the forefront of clean energy development,” noted Rep. Zoe Lofgren. “This bill will create new “green collar” jobs and help propel our economy forward. For far too long our national energy policy has subsidized large oil and gas companies at the expense of innovative and clean technologies. This Congress is reversing that policy, and this bill is a step in that direction. Congress needs to take a page from Silicon Valley’s playbook and embrace new and innovated technologies to reduce our dependence on dirty foreign oil.”
Congresswoman Zoe Lofgren is serving her seventh term in Congress representing most of the City of San Jose and Santa Clara County. She serves as Chair of the House Judiciary Subcommittee on Immigration, Citizenship, Refugees, Border Security, and International Law. She also Chairs the House Administration Subcommittee on Elections and serves on the House Homeland Security Committee. Congresswoman Lofgren is Chair of the California Democratic Congressional Delegation consisting of 34 Democratic members of the U.S. House of Representatives from California.