Congressman John D. Dingell

February 28, 2008

Washington, DC - Congressman John D. Dingell (D-MI15) gave the following statement in support of H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008. The bill, which the House of Representatives passed 236 - 182, provides tax incentives for the production of renewable energy and energy conservation.

“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.”