Thirty-three senators, including several Republicans, sent a letter Friday urging leadership to include the renewable tax incentives set to expire this year in the economic stimulus package. Inclusion of the production tax credits in the 2007 energy bill failed by one vote.
We strongly support current bipartisan efforts to mitigate an economic downturn by providing direct financial relief to American families. At the same time, we believe that we must be cognizant that energy prices have been a leading cause of our current economic environment. Accordingly, we strongly believe that we must provide a timely long-term extension of clean energy and energy efficiency tax incentives that expire at the end of this year. Given record energy prices and growing demand, postponing action on these critical energy incentives will only exacerbate the problems afflicting our economy. In fact, these renewable energy and energy efficiency investments have a verifiable record of stimulating capital outlays and promoting job growth. We must ensure that this impressive record is maintained in 2008 and extend these tax credits expeditiously.
Nine of the signatories are members of the Finance Committee.
Full text of the letter is available here.