Republican News

Republican News

Washington, D.C. – A bipartisan group of 42 senators has sent a letter to President Bush asking him to include in his FY08 budget request a proposal to extend the renewable energy production tax credit (PTC) for five years, from 2008 to 2013. Congress earlier this month extended the expiring tax credits from 2007 to 2008 as part of a larger tax package.
 
The senators, in their letter, noted that a five-year extension would likely lead to a surge in the construction of new renewable energy projects. This will help the nation in two important ways. First, the new projects would reduce America’s heavy reliance on natural gas, taking some of the pressure off natural gas prices. Second, the tax credits would provide employment in states with renewable resources as well as states where renewable energy generation equipment is manufactured.
 
The letter to the president reads:
 
 
 
                                                                                               
    December 15, 2006
The President
The White House
Washington, DC
 
Dear Mr. President:
 
As you move to complete your Administration’s Fiscal Year 2008 budget request, we strongly urge that you include a proposal to extend the renewable energy Production Tax Credit (PTC) for five years.
 
The PTC is a vital component in financing new renewable energy projects.  As you know, it is crucial to our national security that we expand and strengthen investment in renewable energy resources.  The continued development of renewable energy also will spur significant economic development opportunities, stabilize prices by diversifying the electric generation supply, and help reduce greenhouse gas emissions. 
 
The current PTC is due to expire on December 31, 2008.  In the past, the short-term, start-and-stop nature of the credit has not sufficiently provided utilities, developers, manufacturers and investors with the necessary certainty to maximize the vast potential for renewable technologies.  A long-term credit of five years will give businesses the stability necessary to plan and finance renewable energy projects. 
 
Tapping into our enormous renewable energy potential through a five-year PTC extension is an important step toward ensuring our energy independence.  Moreover, it will provide a signal to businesses that we are serious about investing in our energy future by developing new renewable energy technologies to meet our increasing electricity demands. 
 
Sincerely,
 
 
Bingaman          Domenici          Baucus          Grassley        Carper          Dorgan          Menendez          Specter          Lugar        Craig 
 
Hutchison          Durbin          Smith          Conrad          Salazar          Brownback          Wyden          Murkowski          Burr          Cantwell
 
Hagel          Allard          Lieberman          Collins          Murray          Harkin          Feinstein          Cochran          Snowe          Akaka      Johnson
 
Bill Nelson          Lincoln          Boxer          Bond          Obama          Mikulski          Coleman          Kohl          Dodd      Enzi      Levin
 
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