Mahoney Supports Renewable Energy Tax Breaks, Provides Florida Families with Income Tax Relief
Co-sponsors legislation to
provide tax relief to victims of natural disasters
(September 26, 2008)
(Washington,
D.C.) – Today, Congressman Tim Mahoney (FL-16) voted
to support H.R. 7060 The Renewable Energy and Job Creation Act of 2008, which extends vital tax relief to millions of families,
strengthens investment opportunities for American businesses and encourages the
production and use of renewable energy.The fiscally responsible legislation received bipartisan support in the
House, passing by a vote of 257-166. Although the Senate has passed a version
of this bill, their version was not fully paid for. The House version has
identified offsets to pay for the bill and the legislation now returns to the
Senate for consideration.
In addition, Congressman Mahoney
voted to support H.R. 7006 Disaster Tax
Relief Act of 2008, legislation that he co-sponsored, to provide relief to
taxpayers affected by federally-declared disasters, like Tropical Storm Fay.
The legislation passed the House by a vote of 419-4. It now moves to the Senate
for consideration.
“With the economy in crisis, Florida families need
all the help they can get. Relief from property taxes, as well as state and
local sales taxes, will give millions of Florida families extra cash to cope
with rising food, gas, and healthcare costs,” said Congressman Mahoney.
“Furthermore, since we know we cannot ‘drill baby drill’ our way out of the
energy crisis, this legislation creates even more tax breaks for renewable
energy, laying the foundation for Florida to be the biofuels capital of America
and creating more jobs for our region.”
The
legislation would help reduce America’s
dependence on foreign oil by encouraging the use and production of renewable
energy through:
A six-year extension of the 30% investment tax credit
(ITC) for solar energy
Three-year extensions of the production tax credit
(PTC) for energy derived from biomass, geothermal, hydropower, landfill gas and
solid waste
A one-year extension of the PTC for energy derived from
wind
Tax incentives for coal electricity plants that capture
and sequester carbon dioxide
Incentives for the production of renewable fuels such
as biodiesel and renewable diesel and cellulosic biofuels
Incentives to encourage energy efficient products, such
as plug-in hybrids cars, and incentives for energy conservation in both
commercial buildings and residential structures
Tax credit bonds providing State and local government
with funds to make energy conservation investments in public infrastructure and
invest in research.
The
legislation would also provide important tax relief for millions of families,
including:
Deduction of State and local sales tax from their
income tax
Deduction of tuition and other education expenses
Deduction of out-of-pocket expenses by teachers
Deduction of property taxes for non-itemizers
Last year, millions of Florida families took
advantage of this critical tax relief.Over 2.2 million Florida
families elected to take the general state sales tax deduction on $3 million in
state and local taxes.Over 204,000
families took the tuition deduction for higher education costs, totaling $434.3
million in deductions. And 178,655 teachers took the deduction for
out-of–pocket classroom supplies, totaling $45.2 million in deductions.
“I am also proud of the new disaster relief legislation
that we passed,” said Congressman Mahoney. “The new program will help the
government to provide assistance more quickly to victims of Federal-declared
disasters. This critical tax relief will help families have more cash on hand
to rebuild their lives and recover more quickly from the damage created by
these disaster.”
The new
program will:
Allow taxpayers who have suffered loss as a result of a federally-declared disaster to claim a deduction for casualty losses (i.e., both
itemizers and non-itemizers) and would allow these taxpayers to calculate their
casualty loss deduction without regard to their adjusted gross income.
Enable businesses to immediately write-off certain expenses
relating to federal
disasters.
Give businesses a five-year carry-back period for losses relating
to Federal
disasters.
Provide mortgage revenue bond financing for individuals
suffering home damage as a result of a federal disaster.
Provides $13 billion in tax-exempt private
activity bond financing for businesses suffering damage as a result of a federal
disaster
Increases the standard mileage rate for charitable
use of a vehicle to at least 27 cents a mile.