Tax Credit Extension Proposed In New Energy Reform Act

NAW Staff, Monday 04 August 2008 - 01:00:00

Sen. John Thune, R-S.D., and a bipartisan coalition of senators have unveiled an energy proposal - the New Energy Reform Act of 2008 - that would reduce gas prices and U.S. dependence on foreign oil and strengthen America's economy.

Provisions of the bill include a four-year extension of the wind production tax credit; $2.5 billion in research, design and development on next generation biofuels and infrastructure; and expanding transmission capacity for power from renewable energy sources.

"Unfortunately, the energy debate in Washington has been sidelined this year due to partisan politics," says Thune. "I urge the rest of my colleagues in Congress to come together…with a willingness to compromise and solve one of the greatest problems facing this nation. The American people can no longer afford the status quo of Washington inaction. The time to act is now."

SOURCE: Office of Senator John Thune



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