Bill Extends Tax Credits for Solar, Wind, and other Renewable Energies

Washington, D.C. – Rep. Zoe Lofgren (D-CA) today voted to pass H.R. 6049, the Renewable Energy and Job Creation Act, which extends and expands tax incentives for renewable energy. This legislation includes a much-needed six year extension of the investment tax credit (ITC) for solar energy and a three year extension of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, landfill gas and solid waste. The bill also includes an extension of the R&D tax credit and provides up to 30 million homeowners with property tax relief.

Additionally the bill includes:

<!--[if !supportLists]-->·        <!--[endif]-->One-year extension of the PTC for energy derived from wind;

<!--[if !supportLists]-->·        <!--[endif]-->Incentives for carbon capture and sequestration demonstration projects;

<!--[if !supportLists]-->·        <!--[endif]-->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;

<!--[if !supportLists]-->·        <!--[endif]-->Tax credits of $3,000 or more toward the purchase of fuel-efficient, plug-in hybrid vehicles;

<!--[if !supportLists]-->·        <!--[endif]-->Incentives for energy conservation in commercial buildings, residential structures, and energy efficient appliances;

<!--[if !supportLists]-->·        <!--[endif]-->$3 billion in tax credit bonds to State and local governments to make energy conservation investments in public infrastructure and invest in research;

<!--[if !supportLists]-->·        <!--[endif]-->Save 3.4 million teachers money with a deduction for classroom expenses; and

<!--[if !supportLists]-->·        <!--[endif]-->Provide 22,000 American troops in combat with tax relief under the Earned Income Tax Credit;

“Silicon Valley’s economy is centered on the very technologies that will benefit most from this bill,” noted Rep. Zoe Lofgren. “The bill also cuts taxes for millions of Americans, including teachers, college students and our fighting men and women. This legislation is a fiscally responsible way to help our economy transition to newer environmentally responsible technologies while at the same time generating thousands of jobs.”

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.