Congressman Cohen Backs Renewable Energy and Job Creation Act

“High gas prices have only highlighted the need for a real energy policy that moves us forward,” said Congressman Cohen. “This legislation makes the right investments in the renewable energy sources of the future, protects our environment and will help create hundreds of thousands of good-paying American jobs.”

To reduce our dependence on foreign oil and to protect the environment, the Renewable Energy and Job Creation Act would increase the production of renewable fuels and renewable electricity, and encourage greater energy efficiency. It extends and expands tax incentives for renewable electricity, energy and fuel from America’s heartland, as well as for plug-in hybrid cars, and energy efficient homes, buildings, and appliances.

Failing to extend some of these provisions could have significant consequences for American workers. A recent study showed that allowing the renewable energy incentives to expire would lead to about 116,000 jobs being lost in the wind and solar industries through the end of 2009.

The legislation also supports businesses and provides tax relief to millions of American families. The bill extends the research and development tax credit to spur American innovation and business investment and cuts taxes for millions of Americans, including teachers, college students and families in states with no income tax. The bill would expand eligibility for the $1,000 refundable child tax credit and provide tax relief to homeowners who do not itemize their deductions by permitting them to deduct up to $700 of property taxes in addition to their standard deduction.

“The weak economy has left families and business in the 9th District struggling to make ends meet,” added Congressman Cohen. “Extending the research and development tax credit will help create jobs and giving millions of Americans tax relief will make it a little easier for families to get through these rough economic times.”

The legislation also includes a provision to extend the state and local sales tax deduction for another year. Congressman Cohen explained, “I was very pleased that this provision was included in the energy bill. Earlier this year, I introduced H.R. 5744, which would have permanently extended the deduction of the state and local sales tax. Although this bill only extends the deduction for another year, this was vital for Tennesseans.”

The legislation is fiscally responsible, does not add to the national debt and closes loopholes allowing corporations and executives to avoid U.S. taxes by shipping jobs and investment overseas.

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Contact:
Marilyn Dillihay, Press Secretary, 202-225-3265
Charlie Gerber, Communications Assistant, 202-225-3265