Congressman Emanuel announces the American Hybrid Tax Credit Act of 2005 with Chicago Fleet Management Commissioner Howard Henneman (left) and Jim Williams of International Truck and Engine Corporation of Melrose Park.
Energy Legislation
ON THIS PAGE:
The Save Energy Now Act | American Hybrid Tax Credit Act | New Apollo Energy Act | Windfall Profits and Consumer Assistance Act | Related Statements
Like you, I am concerned about rising energy costs. This page contains information about legislation I have been working on to reduce exorbitant energy costs, ensure that our seniors and vulnerable citizens have adequate home heating assistance, and lessen our dependence on foreign oil through the advancement of alternative fuel sources.
High prices at the pump not only hurt our wallets, but they also are a symptom of the larger problem of our dependence on foreign oil. In order to reduce the price of gas and help put us on the path towards Energy Independence, I recently announced the Save Energy Now Act, which would:
MAKE HYBRIDS NOT HUMMERS: Increase the federal tax credit for purchase of hybrids and other lean-burn vehicles. Hybrids can often cost $6,000 more than a comparable, non-hybrid vehicle, but current tax incentives only cover a fraction of this cost. Increasing the credit to $7,000 will eliminate this cost differential and help encourage the purchase and use of these highly fuel-efficient vehicles.
PLUG IT IN: Provide credits toward the installation of hybrid plug-in conversion kits. Plug-in hybrids recharge overnight at a standard electrical outlet, greatly reducing the amount of gasoline these vehicles need.
MADE BY AMERICANS, FUELED BY AMERICANS: Construction of E-85 and bio-diesel fueling stations at government facilities where needed. In recent years, the federal government has purchased large numbers of "flex fuel" cars and trucks that can operate on either gasoline or ethanol. But the federal government lacks the stations to fuel these vehicles with ethanol. The Save Energy Now Act would mandate the addition of E-85 stations at all federally owned fueling facilities and provide the funding to build them.
This legislation will help reduce gas prices by reducing the consumption of gasoline and diversify our energy sources. Reducing how much gasoline is consumed, means more gas in the market, which means lower prices.
Encouraging Americans to buy American-made hybrids in order to promote fuel efficiency, energy independence and cleaner air is a priority for me. That is why I introduced the American Hybrid Tax Credit Act of 2005, H.R. 4458, which would:
- Increase the tax credit for individuals and small businesses purchasing hybrid or other alternative motor vehicles by $3,000
- Increase the tax credit available to manufacturers for using new lean burn technology by $3,000
- Increase the tax credit for domestic research and development related to alternative motor vehicle technology from 20% to 40%. This credit would be refundable to small businesses
Text of Legislation - H.R. 4458
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I am an original co-sponsor of H.R. 2828, the New Apollo Energy Act of 2005. Introduced by Congressman Jay Inslee, the New Apollo Energy Act bill will make sure that the United States leads the world in developing and manufacturing next generation energy technologies. The New Apollo Energy Act of 2005 would:
- Provide $49 billion in government loan guarantees for the construction of clean-energy generation facilities
- Provide $11.5 billion in tax credits for the automotive and aerospace industries to develop new fuel efficient automobiles and planes, retool existing plants, and construct new plants to manufacture energy efficient vehicles
- Combat Global Warming through caps on greenhouse gas emissions and $7 billion in loan guarantees for the development of clean coal power plants
Text of Legislation - H.R. 2828
Congressman Ed Markey and I recently announced the Windfall Profits and Consumer Assistance Act of 2005, HR 4263. This legislation would:
- Impose a 50% windfall profits tax on oil companies for oil sold at prices above $40 per barrel
- Return half of the revenue generated through the windfall profits tax to consumers through an income tax rebate
- Use the other half of the generated revenue to boost the funding of the Low Income Heating Assistance Program (LIHEAP)
Text of Legislation - H.R. 4263
Press Releases
- 7/28/2006 - Emanuel: “Time to Get Big Oil off Taxpayer Dole”
- 4/24/2006 - Emanuel Proposes Investigation into Congressional Collusion with Big Oil
- 4/23/2006 - Emanuel Marks Earth Day, Calls for Better Vehicles, Higher Efficiency, New Energy Sources
- 4/19/2006 - Emanuel Calls for Better Vehicles, Higher Efficiency, New Energy Sources; Calls for Energy Policy that Supports “Hybrids Not Hummers”
- 12/5/2005 - Emanuel Introduces Tax Credit for Hybrid Vehicles
- 11/9/2005 - Emanuel, Durbin, Obama Announce Funding for World's First Ethanol-to-Hydrogen Fueling Station; Energy and Water Appropriations Bill Contains $2 million for Project
Speeches and Statements
- 10/28/2005 - Emanuel Condemns Congressional Corporate Welfare for Oil; Criticizes Congress for $16.5 billion Subsidy and Cutting Heating Assistance
- 6/29/2005 - Energy Bill Business as Usual
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