[Congressional Record Volume 154, Number 31 (Tuesday, February 26, 2008)]
[House]
[Page H1037]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              EXTEND PRODUCTION AND INVESTMENT TAX CREDIT

  (Mr. McNERNEY asked and was given permission to address the House for 
1 minute and to revise and extend his remarks.)
  Mr. McNERNEY. Mr. Speaker, tomorrow the House will vote on 
commonsense legislation to extend the production tax credit and 
investment tax credit and pay for it by reducing wasteful subsidies to 
big oil companies.
  As an expert in renewable energy, I am confident that this 
legislation will ease the pain at the pump and allow our economy to 
create family wage jobs and make America less dependent on foreign oil.
  The bill we will vote on comes just after the big five oil companies 
report record profits. Our bill will channel unnecessary funding that 
goes to oil companies back to the renewable industry where it's greatly 
needed. I cannot overstate the urgency of extending the production tax 
credit and the investment tax credit as soon as possible.
  As with any other form of electrical generation, renewable energy 
products must adhere to development timelines. And if the schedule of a 
project is delayed due to uncertainty about the tax credits, a year-
long construction cycle will be lost, setting our country further 
behind foreign competition.
  Mr. Speaker, I urge all my colleagues to see the importance of this 
legislation and join us tomorrow in passing it.

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