42 Senators Send a Bipartisan Letter to Bush Asking for Renewable PTC In '08 Budget Request
December 18, 2006
04:41 PM
Washington, D.C. – A bipartisan group of 42 senators has sent a letter to President Bush asking him to include in his FY08 budget request a proposal to extend the renewable energy production tax credit (PTC) for five years, from 2008 to 2013. Congress earlier this month extended the expiring tax credits from 2007 to 2008 as part of a larger tax package.
The senators, in their letter, noted that a five-year extension would likely lead to a surge in the construction of new renewable energy projects. This will help the nation in two important ways. First, the new projects would reduce America’s heavy reliance on natural gas, taking some of the pressure off natural gas prices. Second, the tax credits would provide employment in states with renewable resources as well as states where renewable energy generation equipment is manufactured.
The letter to the president reads:
December 15, 2006
The President
The White House
Washington, DC
Dear Mr. President:
As you move to complete your Administration’s Fiscal Year 2008 budget request, we strongly urge that you include a proposal to extend the renewable energy Production Tax Credit (PTC) for five years.
The PTC is a vital component in financing new renewable energy projects. As you know, it is crucial to our national security that we expand and strengthen investment in renewable energy resources. The continued development of renewable energy also will spur significant economic development opportunities, stabilize prices by diversifying the electric generation supply, and help reduce greenhouse gas emissions.
The current PTC is due to expire on December 31, 2008. In the past, the short-term, start-and-stop nature of the credit has not sufficiently provided utilities, developers, manufacturers and investors with the necessary certainty to maximize the vast potential for renewable technologies. A long-term credit of five years will give businesses the stability necessary to plan and finance renewable energy projects.
Tapping into our enormous renewable energy potential through a five-year PTC extension is an important step toward ensuring our energy independence. Moreover, it will provide a signal to businesses that we are serious about investing in our energy future by developing new renewable energy technologies to meet our increasing electricity demands.
Sincerely,
Bingaman Domenici Baucus Grassley Carper Dorgan Menendez Specter Lugar Craig
Hutchison Durbin Smith Conrad Salazar Brownback Wyden Murkowski Burr Cantwell
Hagel Allard Lieberman Collins Murray Harkin Feinstein Cochran Snowe Akaka Johnson
Bill Nelson Lincoln Boxer Bond Obama Mikulski Coleman Kohl Dodd Enzi Levin
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