[Congressional Record Volume 154, Number 33 (Thursday, February 28, 2008)]
[Extensions of Remarks]
[Page E266]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT OF 2008

                                 ______
                                 

                               speech of

                          HON. JOHN D. DINGELL

                              of michigan

                    in the house of representatives

                      Wednesday, February 27, 2008

  Mr. DINGELL. Mr. Speaker, I rise today in support of H.R. 5351, the 
Renewable Energy and Energy Conservation Tax Act of 2008. With this 
legislation, we take another step forward in the fight to combat global 
warming and achieve energy independence.
  It is critical to our Nation's future that we invest in the energy 
sources of the 21st century. H.R. 5351 does this by reforming the Tax 
Code to reflect America's energy priorities. The bill includes, 
extends, and expands tax incentives for biodiesel production, solar 
energy and fuel cell investment and energy efficiency improvements to 
existing homes. The bill also provides new incentives for plug-in 
hybrid vehicles and cellulosic ethanol production. These investments 
will help us achieve my goal of reducing greenhouse gas emissions by 
60-80 percent by 2050 in order to limit the effects of global warming.
  In the interest of fiscal responsibility, H.R. 5351 pays for these 
investments in the energy resources of the future by cutting subsidies 
for industries that clearly need no help. The bill saves $18 billion by 
ending tax loopholes and subsidies for multinational oil and gas 
companies which are already reaping huge, record profits. No longer 
will oil and gas companies be able to game the Tax Code by understating 
their income from foreign oil and gas extraction. These long overdue 
reforms send a clear message that oil and gas companies will no longer 
get privileged treatment while Americans pay higher fuel prices and 
home heating costs.
  H.R. 5351 also demonstrates that clean energy investments can create 
new jobs in addition to benefiting the environment. By extending the 
renewable energy production tax credit for wind, biomass, geothermal, 
and other renewable energy sources, the bill provides new opportunities 
for job growth in these areas. With its stellar research institutions 
and wealth of experts on engine design, Michigan has the potential to 
reap significant benefits from this legislation. Governor Jennifer 
Granholm has made clear her commitment to creating green-collar jobs 
through a renewable energy mandate and other reforms. I look forward to 
building on the progress made in this bill. With future reforms we can 
continue to reduce greenhouse emissions, secure our energy 
independence, and create new green industry jobs for Michigan and 
America.

                          ____________________