Washington, DC – Congressman Dave Loebsack voted yesterday in strong support of the Renewable Energy and Job Creation Act of 2008, H.R. 7060, to extend and expand tax incentives for the production of renewable electricity, energy, and fuel, as well as for further development and installation of alternative fuel pumps for E-85 and natural gas. As a result, this legislation will encourage new and significant investments in the development renewable energy, create hundreds of thousands of new jobs, help end our dependence on foreign oil, and reduce taxpayer funded subsidies to oil companies.
"Our state is a leader in renewable energy, and Iowans must be recognized and commended for their great ingenuity," said Congressman Dave Loebsack. "The Renewable Energy Tax Credits included in this legislation will increase the use of Iowa's homegrown fuels, create new jobs in our state, and bring increase economic development to Iowa's rural areas."
Currently, Iowa is our nation's number one producer of Ethanol, Biodiesel, and Biomass. Iowa is also the largest U.S. producer of wind energy, and the Second district is home to numerous wind energy industries. To ensure Iowa remains a leader in renewable energy development and production, and continues to create new high-paying jobs in this field, Congressman Loebsack has supported numerous efforts to extend and expand tax incentives for the production of renewable energy, and worked with his colleagues to ensure passage of H.R. 7060.
"Renewable Energy Tax Credits provide the incentives and stability necessary to expand production of renewable energy and strengthen the renewable energy industry," added Congressman Loebsack. "If these provisions are not signed into law, our state's economy will face hardship as renewable energy production facilities are forced to shut down."
The Renewable Energy and Job Creation Act of 2008 of would provide approximately $15 billion of tax incentives for investment in renewable energy, electricity, and fuel, including Iowa's own homegrown fuels – like wind, solar, and biofuels. These tax credits are essential for the continued development of Iowa's the renewable energy industry.