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As Energy Prices Soar, Klobuchar Works to Improve Efficiency, Create Jobs in Bipartisan Bill

Legislation offers credits to middle class families and businesses, promotes economic growth, job creation and energy security

April 3, 2008

Washington, D.C. – With oil prices at record levels, and American families and businesses concerned about their monthly electricity bills and the general state of the economy, U.S. Senator Amy Klobuchar joined today with Senators Maria Cantwell (D-WA) and John Ensign (R-NV) in addressing Americans’ concerns by introducing The Clean Energy Tax Stimulus Act of 2008.  The bipartisan legislation will provide the continuation of clean energy production incentives and incentives to improve energy efficiency that will create jobs, save people and businesses money, and over time reduce energy costs.  This measure is also co-sponsored by 20 other senators. 

“These are long-term investments in the American economy that will create new economic growth and jobs, and increase our energy security” said Klobuchar.  “In addition to tax relief for the middle-class, we also need long-term policies that will spur innovation and drive economic growth for a strong economy.  This package of renewable energy incentives does that.”

These critical incentives include extending:  the Production Tax Credit for investments in wind energy, biomass, hydropower, and geothermal electricity facilities; and the 30 percent investment credit for businesses that install solar or fuel cell equipment.  In addition, a set of effective energy efficiency programs were extended to give homeowners tax credits for installing energy efficient furnaces, windows and insulation to make their homes more efficient; offer tax deductions for builders to go the extra mile and build more energy efficient new homes; provide tax deductions for businesses that make energy efficient improvements to commercial buildings; and give tax credits to appliance manufacturers that help lower their production costs for making higher energy saving appliances.

Earlier this year, Klobuchar introduced similar legislation called the American Renewable Energy Act and helped spearhead efforts to include the energy tax incentives in the economic stimulus package.

Klobuchar has said that climate change is a pressing environmental challenge, but also an important opportunity for the United States to develop state-of-the-art technology and high-skilled jobs in renewable energy industries. Klobuchar says the United States must regain world leadership in renewable-energy research and investment, but that the market alone will not achieve the goal without clear standards and incentives from the federal government.

“The question we face is this: Does the United States want to be a leader in creating the new green technologies and the new green industries of the future? Or are we going to sit back and watch the opportunities pass us by? This is where our responsibility in Washington comes into play,’’ Klobuchar said.

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