Providing For Consideration Of H.R. 7060, Renewable Energy And Job Creation Tax Act Of 2008
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 1501 and ask for its immediate consideration. Mr. Speaker, for purposes of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr.…
Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 1501 and ask for its immediate consideration.
Mr. Speaker, for purposes of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. Sessions). All time yielded during consideration of this rule is for debate only.
General Leave
I ask unanimous consent that all Members have 5 legislative days in which to revise and extend their remarks and insert extraneous materials into the Record.
Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, House Resolution 1501 provides for consideration of H.R. 7060, the Renewable Energy and Job Creation Tax Act. The rule provides 1 hour of debate equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.
Mr. Speaker, I rise today in support of this rule because American families and small businesses need tax relief now more than ever. This rule will allow us to bring legislation to the House floor later today that will not only strengthen our economy by directing tax relief to middle class families and creating jobs at small businesses, but also help to bring the country into a new future of alternative energy not dependent on foreign energy and foreign fuel.
Since being elected to Congress, I have voted along with this body to cut taxes for middle class families and small businesses on at least 14 occasions. In doing so, this Congress has upheld its pledge to the American people. And I have kept my promise I made to my constituents to provide much-needed tax relief and incentive for economic growth.
I know that there are many families and businesses in my district that are struggling in the current economic crisis. With talk of a $700 billion plan to bail out Wall Street, we cannot, in good conscience, fail to take action to help so many families facing the ever-escalating costs of gasoline and home heating oil into this winter. This legislation we will consider provides tax relief and incentives to those who need them most at a fraction of the cost for bailing out the financial industry.
Mr. Speaker, this Congress has shown a strong commitment to the pay- as-you-go rule adopted last January. I applaud my Blue Dog Coalition colleagues for their outspoken leadership on PAYGO. When I explain to folks back home what PAYGO is, they always ask the same question. I ask, you have to balance the books each month, right? Why shouldn't the government do the same? And they all get it. My constituents get it. And the American people get it. Mr. Speaker, unfortunately, there are still some Members of Congress who are steadfastly against the idea of being fiscally responsible in balancing the Federal books in the same way our constituents balance their checkbooks. But it appears that even our colleagues in the Senate are beginning to come around. The legislation we will consider later today is proof that you can provide tax relief in a fiscally responsible way.
The legislation this rule provides for consideration of will extend a number of critical tax relief measures targeted at middle class families and small businesses to improve the quality of life and strengthen our economy. During these tight economic times, it is also absolutely critical that we pass legislation to invest in jobs for today and long-term development for tomorrow, including jobs in the alternative energy sector like wind and biomass that will reduce our Nation's dependence on foreign oil and bring the price of gasoline and heating oil to levels that families and businesses can afford.
I am a realist. I understand that we can't bring back the millions of manufacturing jobs, including thousands in my own congressional district, which have been moved overseas. However, we can look to the future, a future of our Nation's economy that is green, and re-create jobs that we once lost. It is absolutely essential that we leverage every possible option, whether it is through tax credits, investment through research and development, or education to advance alternative and renewable energy development.
Mr. Speaker, tax credits for alternative energy production have the power to truly jump-start our economy and create good-paying, highly skilled jobs that cannot be outsourced overseas, the type of jump- start, Mr. Speaker, which is already happening in my upstate New York district with the creation of new green collar jobs. In the last 2 years, I have spoken numerous times throughout the debate over extending these renewable energy tax credits about the new businesses in my district that are utilizing the national investment in alternative energy to create good-paying jobs in upstate New York. Those businesses are to be commended. That is why I'm proud to support the approximately $15 billion in long-term, clean renewable energy tax incentives and investments included in this legislation which we will vote for later today.
I hope that by doing so, it will encourage other companies to follow suit, both in my region and across the Nation.
The underlying legislation extends and modifies critical tax credits for production of electricity from renewable sources, ranging from wind, solar and geothermal energy to closed loop and open loop biomass. Specifically, the legislation includes extension of clean, renewable energy bonds, efficient commercial building tax incentives, investment tax credits for solar and fuel cell systems, tax credits for energy efficiency upgrades to existing homes, tax credits for production of efficient home appliances, and tax incentives for consumer purchase of energy efficient products.
Most of these incentives either expired at the end of the last year or are set to expire at the end of this year. It is vitally important to sustaining the development of clean energy technology industries, which will lead to the creation of new jobs, that these tax credit incentives are extended.
The legislation also includes an extension of the Research and Development Tax Credit that allows companies to claim credit for a portion of their R&D expenditures. Extending the R&D credit is vital to ensuring that America remains on the cutting edge of innovation that keeps our domestic companies competitive. This credit is of particular interest in the area of New York that I represent, because its extension will further the expansion of microchip fabrication and nanotechnology industries which are beginning to blossom in upstate New York.
American companies rely on this credit and upon its continuing to adequately plan for their long-term research projects. I support this 2-year retroactive extension to provide that continuing extension, and I will continue to work for a much-needed permanent extension that would eliminate concerns over expirations or lapses.
The legislation also extends and expands and creates important tax credits for individuals.
Supporting this rule and the tax relief legislation we will consider later today is simply common sense. We can provide tax relief and incentives to the middle class, spur innovation, create tens of thousands of new jobs, reduce our dependence on oil from hostile nations and reduce greenhouse gas. We can do all of this in a fiscally responsible manner.
Mr. Speaker, I urge my colleagues on both sides of the aisle to support this rule and the underlying legislation.
Mr. Speaker, I reserve the balance of my time.
Mr. Speaker, contrary to what my friend says, Democrats are not trying to make any political points here. In fact, it is just the contrary. We are trying to get something done here.
I certainly understand that Senator Reid has some considerations that he has to make in the Senate, but we have some considerations here in the House, and one of them is something that is very important to me, and that is paying for these provisions that we do, something important to the Blue Dog Coalition here and something important to Congress. We need to pay for it, and that is what this bill is doing. It is paying for it, and it is very important.
I would now like to yield 2 minutes to the gentleman from Washington (Mr. Inslee).
(Mr. INSLEE asked and was given permission to revise and extend his remarks.)
Mr. Speaker, I yield such time as he may consume to the chairman of the Ways and Means Committee, the gentleman from New York (Mr. Rangel).
Mr. Speaker, I yield to the distinguished majority leader, the gentleman from Maryland, 1 minute.
Mr. Speaker, I yield 4 minutes to the gentleman from Oregon (Mr. Blumenauer), a member of the Ways and Means Committee.
I yield an additional 2 minutes.
Mr. Speaker, I yield 3 minutes to the gentleman from Wisconsin, a member of the Ways and Means Committee, Mr. Kind.
Mr. Speaker, I yield 1 minute to the gentlewoman from Arizona (Ms. Giffords).
Mr. Speaker, I yield 2 minutes to the gentleman from Oregon (Mr. DeFazio).
Mr. Speaker, I am prepared to close. I have no further speakers.
I reserve my time.
Parliamentary Inquiry
I reserve the balance of my time.
As I understand it, the bill that is on the floor today is the very same bill that was before the Rules Committee earlier today.
As I understand it, it is the same bill that we saw in the Rules Committee. That's right.
Mr. Speaker, supporting this rule and the tax relief legislation we will consider later today is simply common sense. We can provide tax relief and incentives to middle class families, spur innovation, and creates tens of thousands of new jobs, reduce our dependence on oil from hostile nations, reduce greenhouse gases, and we can do it in a fiscally responsible way. That is to say, we can do it without putting the price tag on our children and our grandchildren. We can pay for it today.
I urge my colleagues to vote ``yes'' on the previous question and the rule.
Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.
Mr. Speaker, under the rules, I withdraw House Resolution 1501.