Sununu to Cosponsor Proposed Renewable Energy Tax Incentives Amendment in Continued Fight For Balanced Energy Policy
Sep 22 2008
WASHINGTON, DC – United States Senator John Sununu (R-NH) today (9/22) announced that he would co-sponsor a proposed bipartisan amendment to extend key tax incentives to encourage the development of clean forms of renewable energy including solar, wind, geothermal, and biomass. The proposed amendment to the “Renewable Energy and Job Creation Act of 2008” (HR 6049) includes Sununu’s provision to provide a 10 percent tax credit for the purchase of energy-efficient wood pellet stoves and is expected to be introduced on Tuesday morning.
“We need to encourage renewable energy with strong tax incentives, and I am pleased that this bill includes my 10 percent tax credit for high efficiency wood pellet stoves,” said Sununu. “I have consistently fought to expand renewable energy tax incentives, and this is the second time that the Senate has considered our bipartisan proposal. Equally important, this amendment will be paid for by eliminating unnecessary subsidies for oil and gas companies.”
Senator Sununu continues to support a balanced energy policy and has taken the following key actions:
- On August 26, 2008, Sununu joined the bipartisan effort to lift the ban on offshore drilling by formally announcing his support for the “New Energy Reform Act of 2008.” The comprehensive legislative proposal unveiled by a bipartisan coalition of Senators would lift the ban on offshore energy exploration including across the Gulf of Mexico and off the Mid-Atlantic states, promote new technologies and conservation, require that oil companies pay fair market prices for oil leases and drilling rights, promote further development of nuclear power, and extend clear renewable energy tax incentives.
- On December 13, 2007, Sununu supported Senate passage of the 2007 bi-partisan Energy Bill, which increased fuel economy standards for the first time in 32 years and encouraged investment in renewable energy technology. Under the bill, the average mileage standards will increase to 35 miles per gallon by 2020.
- Sununu is a cosponsor of the “Clean Energy Tax Stimulus Act” that extends clean energy production tax credits and incentives to improve the energy efficiency of new and existing homes, businesses and appliances. The legislation included Sununu's provision to provide a 10 percent tax credit for the purchase of energy-efficient wood pellet stoves and passed the Senate by a vote of 88 to 8 on April 10, 2008. The measure stalled in the United States House of Representatives.
- Sununu is co-sponsor of the “Gasoline Price Reduction Act of 2008” which would allow additional deep-sea energy exploration and Western oil shale production. The bill also encourages development of plug-in electric cars and trucks and strengthens oversight of the energy futures market.
- On June 24, 2008, Sununu cosponsored Senator Bernie Sanders’ “Warm in Winter and Cool in Summer Act” to provide an additional $2.53 billion to the Low Income Home Energy Assistance Program (LIHEAP). Additionally, on July 17, 2008, he cosponsored Senator Judd Gregg’s “Home Energy Assistance Today Act” to provide an additional $2.5 billion for LIHEAP and double LIHEAP funding for seniors and low income families in New Hampshire. On July 24, 2008, he cosponsored Senator Judd Gregg’s “Weatherization, Assistance, and Relief for Middle-Income Households Act of 2008” (WARM Act) to double LIHEAP funding and provide weatherization funding and a heating oil tax credit for middle income households.