Legislation Introduced in U.S. Senate to Extend Residential Energy Efficiency Tax Credits

Senator Maria Cantwell (D-WA) has just introduced the Clean Energy Tax Stimulus Act of 2008 (S.2821) that would extend the the residential energy efficiency tax credits for new and existing homes and the tax deduction for improving the energy performance of commercial buildings.

The legislation has bi-partisian support.  The bill's chief co-sponsor is John Ensign (R-NV).  Other co-sponsors includes: Wayne Allard (R-CO), Joe Biden (D-DE), Barbara Boxer (D-CA), Norm Coleman (R-MN), Susan Collins (R-ME), John Cornyn (R-TX), Larry Craig (R-WY), Christopher Dodd (D-CT), Elizabeth Dole (R-NM),Pete Domenici (R-NM). Diane Feinstein (D-CA), Lindsay Graham (R-SC), Orrin Hatch (R-UT), Kay Bailey Hutchinson (R-TX), Amy Klobuchar (D-MN), Mel Martinez (R-FL), Lisa Murkowski (R-AK), Pat Roberts (R-KS), Ken Salazar (D-CO), Bernard Sanders (I-VT), Charles Schumer (D-NY), Gordon Smith (R-OR), Olympia Snowe (R-ME), Debbie Stabenow (D-MI), Ted Stevens (R-AK), John Sununu (R-NH) and John Thune (R-SD).

In introducing the legislation Senator Cantwell stated, "The renewable and efficiency industries have been soaring, creating thousands of jobs and diversifying our energy supply. Critical tax incentives are set to expire this year. If both houses of Congress don’t pass a bill, and the President doesn’t sign it into law within the next one to two months, we will start to see as much as $20 billion of anticipated investment in 2008 delayed or cancelled. This could result in more than 100,000 U.S. jobs lost at a time when the country is skidding into a recession, and energy prices keep getting higher.

The legislation includes the extension of tax incentives for solar, wind energy, biomass, hydropower, and geothermal electricity.