Promoting New American Energy Act

Posted: Jul 31, 2008 5:50 PM
Today I introduced the Promoting New American Energy Act to accelerate tax depreciation for renewable energy investments and other energy technologies.

Specifically, this bill would accelerate tax depreciation to 3 years for investments in newer, cleaner, and more efficient energy technologies. By encouraging greater investment in solar, wind, geothermal and more, these alternatives become a bigger part of our arsenal of energy options more quickly. And a diverse arsenal of solutions will decrease our dependence on foreign oil and curb our gas costs.

According to a study by the nonprofit, nonpartisan American Council for Capital Formation, investments in alternative energy experience less favorable tax depreciation rules in the U.S. compared to many other countries. My legislation will put America on better footing globally and take us one step closer to increasing our domestic energy production.

The fact of the matter is that our nation is in an energy crisis and Congress needs to do everything in its power to increase domestic energy production and exploration. By establishing new tax incentives to encourage purchases of energy production equipment and technologies, this bill provides American businesses with the tools needed to increase production and lower our current sky-rocketing energy costs.

I also had the privilege today to attend and address the 11th Annual Congressional Renewable Energy & Energy Efficiency EXPO Forum.

At the forum, I got to speak a little bit about this new piece of legislation, and I have a little clip here you can check out:

The event brought together nearly fifty businesses, sustainable energy industry trade associations, government agencies, and energy policy research organizations to showcase the status and potential of the broad cross-section of renewable energy (biofuels/biomass, geothermal, solar, water, wind) and energy efficiency technologies.

This bill is a vital piece of my All-of-the-Above energy strategy that calls for an increase in the production and exploration of America’s own energy resources, but improves conservation and energy efficiency and promotes new and ever-improving energy technologies to help bring gas costs down.

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