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Renewable Energy and Job Creation Act

Renewable Energy and Job Creation Act of 2008 Passes.

Late in Tuesday morning voting on the Renewable Energy and Jobs Creation Act of 2008 (Adobe pdf) was held up by necessary debate.

Senators Baucus & Grassley asked for an offset in exchange for the energy tax extension to be written into the bill.

This call for a substitution was amended quickly by Senate Majority Leader Reid for the alternative minimum tax.

The vote was passed 93-2 in favor of the bill alternative minimum tax later yesterday afternoon.

The bill backed my Senator Cornyn passed the Senate vote despite the late morning deliberation over an offset amendment.

This bill not only provides billions of dollars in tax relief for Texans. It also allocated relief money for Texans hit hard by Hurricane Ike.

Insurance for treatment of mental illness is mandated to equal coverage previously allocated only for physical illness.

Twenty million people will benefit from not having to worry about the alternative minimum tax for this fiscal year.

The result of the bill is that tax breaks for wind development are extended until December 31st of 2009.

The next extension of wind power can be voted on in September of 2009, before that end of this next fiscal year that the nation is entering into.

Wave energy is extended for another two years. The financing of this topic will be revisited in at the end of the 2010 fiscal year.

The passing of this bill will push wind and wave energy infrastructure forward. This settles national fears that without this tax relief the industry would be in trouble. This victory on the Senate Floor keeps America in the game of winning back our own energy independence.




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Posted in News by admin on September 24, 2008.

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