[Congressional Record Volume 154, Number 33 (Thursday, February 28, 2008)]
[Extensions of Remarks]
[Page E267]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


[[Page E267]]
        RENEWABLE ENERGY AND ENERGY CONSERVATION TAX ACT OF 2008

                                 ______
                                 

                               speech of

                            HON. MARK UDALL

                              of colorado

                    in the house of representatives

                      Wednesday, February 27, 2008

  Mr. UDALL of Colorado. Mr. Speaker, I am very pleased to see this 
legislation come to the floor today that will extend critical tax 
credits for renewable energy while not adding to the Federal deficit.
  The Production Tax Credit, PTC, in particular, has been instrumental 
in promoting the creation of a renewable energy industry. An extended 
PTC will provide more market certainty, and expanding the PTC to 
include solar, open-loop biomass, geothermal, and small irrigation 
power will ensure that all renewable energy sources can benefit. We 
must have an extension of this key tax credit before the current credit 
expires at the end of 2008, and this bill will extend it to the end of 
2011.
  The bill also authorizes $2 billion of new clean renewable energy 
bonds, CREBS, for public power providers and electric cooperatives. 
This is a critical tool, especially for Colorado's rural co-ops and 
municipal utilities.
  But this bill would also benefit families who want to invest in 
renewable energy. The bill would extend the credit for residential 
solar property for 6 years and increase the annual credit cap, 
currently capped at $2,000, to $4,000. And it would expand the 
definition to include residential small wind equipment and geothermal 
heat pumps so that consumers have more options.
  Of course, the cheapest kilowatt of energy is the one you don't use, 
and energy efficiency also has a key role in addressing our energy 
needs. This bill will extend the tax credit for energy efficiency 
improvements to existing homes. It will also extend the energy 
efficient commercial buildings deduction for 5 years and the 
modification and extension of the energy efficient appliance credit for 
3 years.
  Rising gas prices are forcing many Coloradans to dip into their 
savings just to make ends meet. This bill will help families reduce 
their fuel bills by providing between $4,000 and $6,000 in tax credits 
toward the purchase of fuel-efficient, plug-in hybrid vehicles. It will 
also help address long-term fuel cost concerns by expanding production 
of homegrown fuels, including creating a new production tax credit for 
cellulosic ethanol produced from domestic, non-food feedstocks such as 
switchgrass, corn stover, sawdust, and paper pulp, as well as an 
extension of the tax credits for biodiesel and renewable diesel.
  I supported the energy bill that the House passed last year, which 
included many of these important tax provisions. But, for the lack of 
just one more vote in the Senate, these provisions were not included in 
the final bill that the President signed into law.
  I hope today we can move this bill forward and promote positive 
change that will benefit rural communities, save consumers money, 
reduce air pollution, and increase reliability and energy security.
  I strongly encourage my colleagues in the House to vote for this 
needed legislation, and also encourage quick action in the Senate so 
that we may move it to the President's desk.

                          ____________________