For Immediate Release
February 27, 2008 |
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FOR MORE INFORMATION:
Cullen Schwarz
Office: 202.225.4961
Mobile: 202.225.0471 |
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House Passes Energy Bill to Invest in Renewable Energy and Energy Efficiency
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Rep. Sander Levin Speaks on House Floor in Support of Legislation that Promotes Clean Energy, Creates Jobs, Lowers Costs |
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(Washington D.C.)- The House of Representatives today passed legislation to invest in clean, renewable energy and increased energy efficiency. The Renewable Energy and Energy Conservation Tax Act was approved by a vote of 236-182. The legislation provides tax incentives for renewable electricity, energy and fuel, as well as for plug-in hybrid cars and energy efficient homes, buildings and appliances. Over time, these incentives will create jobs and help consumers and businesses save billions of dollars on energy bills.
“This legislation provides a balanced, responsible and long-term approach to addressing energy costs, the challenges of climate change and energy security,” said Rep. Levin. “The bill will also create jobs as companies invest in new technologies and products, and see their energy costs reduced.”
The legislation includes provisions authored by Rep. Levin to expand the tax credit available to gas stations that install E85 fuel pumps and to provide tax incentives for appliance manufacturers to produce more energy efficient products. Cumulatively, consumers will save $33 million per year in utility costs and $360 million over the life of super-efficient appliances. The provision will also create jobs as manufacturers invest in production of these appliances here in the U.S.
Additionally, the Act repeals $18 billion in unnecessary tax subsidies for multinational oil and gas companies. The vote comes shortly after the big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion—the largest corporate profit in American history.
“At a time when a single oil company is reporting annual earnings of more than twice the ten year cost of this bill, it is absurd to argue that the oil and gas industry needs to be subsidized by the American taxpayer,” said Rep. Levin. “By rolling back just a portion of the tax breaks for big oil, we can make enormous strides toward solving this nation’s energy challenges and lowering consumer energy costs.”
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To Contact Congressman Levin: -
Email Congressman Levin In Michigan: 27085 Gratiot Ave, Roseville, MI 48066 | (586) 498-7122 | (248) 968-2025
In Washington: 1236 Longworth House Office Building, Washington, DC 20515 | (202) 225-4961
