U.S. Rep. Ed Perlmutter (CO-07) today joined a majority of the House of Representatives in support of legislation to help expand the production and use of renewable energy, create jobs across the country and provide tax relief to middle class families. The Renewable Energy and Job Creation Act was approved by the House by a vote of 263-160.
“High gas prices only highlight the need for a real energy policy moving us forward,” said Perlmutter. “This legislation makes the right investments in the renewable energy sources of the future, and is good for national security, the environment and jobs”
To reduce our dependence on foreign oil and to protect the environment, the Renewable Energy and Job Creation Act would increase the production of renewable fuels and renewable electricity, and encourage greater energy efficiency. It extends and expands tax incentives for renewable electricity, energy and fuel from ’s heartland, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances.
The legislation also supports businesses and provides tax relief to millions of American families. The bill extends the research and development tax credit to spur American innovation and business investment and cuts taxes for millions of Americans, including teachers, college students and families in states with no income tax. The bill would expand eligibility for the $1,000 refundable child tax credit and provide tax relief to homeowners who do not itemize their deductions by permitting them to deduct up to $700 of property taxes in addition to their standard deduction.
“The weak economy has left families and business across Colorado struggling to make ends meet,” added Perlmutter. “Extending the research and development tax credit will help create jobs and make it a little easier for millions of Americans to get through these rough economic times.”
The legislation is fiscally responsible, does not add to the national debt and closes loopholes allowing corporations and executives to avoid taxes by shipping jobs and investment overseas.
