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February 25, 2008

House Tax Package Headed our Way!

The good ole U.S. House of Representatives expects to vote Wednesday morning (February 27) on the Renewable Energy and Energy Conservation Tax Act of 2008.  Unlike many bills that move through Congress, this one could actually affect your bottom line as a consumer!

Have you recently toyed with the idea  of making a few energy efficiency upgrades to your home but haven't found the time?  Do you have your eye on plug-in hybrids headed toward auto showrooms in the next few years?  Without passing this tax package, consumer tax credits for home retro-fitting and plug-in hybrid purchases will expire at the end of 2008!

Clean energy industry tax credits will also expire at the end of this year if Congress does not vote to extend them.  Booming clean energy industries such as wind, solar, biomass, and geothermal heavily rely on production and investment tax credits to provide investment security for venture capitalists putting their green bills toward green action.  But without extending these incentives, these growing industries could being to shrink.

And for what?  So we can continue dolling out billions of dollars to oil and gas companies enjoying record breaking profits! Hey, I'm all for a free market, and there's certainly nothing wrong with turning a profit.  But it kinda irks me when my hard-earned dollars subsidize oil and gas companies that continue to pull down jaw-dropping profits at the end of every quarter.  Am I missing something here?

HR 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, would pay for clean energy tax incentives by rolling back the billions of dollars in tax handouts we give to oil and gas companies every year.  Isn't this a no-brainer?  Take action! Tell your members of congress to stop giving handouts to Big Oil and instead extend consumer and industry clean energy tax incentives!

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