Bill Provides Tax Credit for Investments in Clean and Renewable Energy

Washington, D.C. – Rep. Zoe Lofgren (D-San Jose) today voted in favor of H.R. 7060, the Renewable Energy and Job Creation Tax Act, which encourages investments in clean energy by extending and expanding tax incentives for renewable energy. This bill will create and retain hundreds of thousands of “green collar” jobs, spur American innovation and business investment, cut taxes for millions of Americans, and close loopholes allowing U.S. executives to avoid federal taxes by shipping investment overseas.

This legislation provides for:

• Eight-year extension of the investment tax credit for solar energy;

• Two-year extension of the R&D tax credit;

• One-year extension of the tax credit for energy derived from wind;

• Extension of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, waves and tides, landfill gas and solid waste;

• Tax credits for the purchase of fuel-efficient, plug-in hybrid vehicles; and,

• Incentives for the production of homegrown renewable fuels, such as biodiesel and renewable diesel, and for the installation of E-85 pumps for consumers to fill up flex-fuel vehicles.

“These new tax credits will help ensure that Silicon Valley’s entrepreneurs remain at the forefront of clean and renewable energy development,” noted Rep. Zoe Lofgren. “This bill will help create thousands of new ‘green collar’ jobs and help reinforce our economy and national security. For far too long our national energy policy has been mired in the past, subsidizing large oil and gas companies at the expense of new and innovative technologies. Congress is taking a page from Silicon Valley’s playbook and embracing new 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.