[Congressional Record (Bound Edition), Volume 149 (2003), Part 3]
[Extensions of Remarks]
[Pages 4149-4150]
[From the U.S. Government Publishing Office, www.gpo.gov]




PUTTING THE PEDAL TO THE METAL: ACCELERATING THE ENERGY INDEPENDENCE OF 
                              AMERICA ACT

                                 ______
                                 

                            HON. BOB FILNER

                             of california

                    in the house of representatives

                      Thursday, February 13, 2003

  Mr. FILNER. Mr. Speaker, I rise today to introduce H.R. 770, 
``Putting the Pedal to the Metal: Accelerating the Energy Independence 
of America'' Act, legislation creating a broad tax credit for the 
production of alternative fuel vehicles.
  Transportation accounts for about two-thirds of the oil consumption 
in the United States, and we are 97 percent dependent on oil for our 
transportation needs. If our nation is going to have a strategy for 
energy security, that strategy must begin with transportation fuels. As 
we all learned during the California energy crisis, any strategy for 
energy security has to be based in alternative sources of production, 
to ensure that we have we are never again held captive by one company 
or industry.
  When enacted, this legislation will offer a tax credit for every 
dollar invested by companies towards the production of alternative fuel 
vehicles. The credit will allow companies to take a credit equal to the 
percent of investment in the production of alternative fuel vehicles, 
so if a company spends 40 percent of their time and expense on 
producing alternative fuel vehicles, they would receive a 40 percent 
credit against its tax burden.
  Hopefully, this will spur small companies and large companies alike, 
to move towards the production of alternative fuel vehicles. This 
landmark legislation will help break the old cycle of automobile 
manufacturers failing to sufficiently invest in alternative fuel 
vehicle technology, because it was not profitable enough.
  Many companies, large and small, are already in the business of 
producing alternative fuel vehicles, such as L3 Research, Inc. in San 
Diego. L3 Research Inc. has a prototype, the L3 ``Enigma''--a hybrid-
electric sports car. This is the world's first hybrid-electric sports 
car, faster than a Corvette, and it recharges from a common wall 
outlet. This is the kind of innovative, next-generation, vehicle 
production that will benefit from this legislation.
  During his State of the Union address, President Bush rolled out an 
initiative to fund

[[Page 4150]]

the development of hydrogen fuel cell vehicles. While I support this 
worthy goal, most experts estimate that fuel cell powered vehicles are 
a generation away.
  Mr. Speaker, we don't need to wait many years to support alternative 
fuel vehicles--it's time to put the pedal to the metal and accelerate 
the energy independence of America. Pass H.R. 770.

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