Senate Finance Committee passes $15 billion package of tax incentives
Washington, DC – Today, Senator Gordon Smith (R-OR) joined a majority of his colleagues on the Senate Finance Committee to approve the Energy Tax Incentives Act of 2003. The legislation is aimed at increasing America's energy independence, promoting the development of renewable energy, and encouraging energy efficiency.
"Our demand for energy is growing by leaps and bounds," said Smith, "We have to make sure that not only are we generating enough from traditional sources, but that we're also looking for new environmentally friendly ways to provide for our ever-increasing needs."
The Energy Tax Incentives Act includes a number of provisions contained in Smith-sponsored legislation. These include an extension of the wind energy tax credit, an expansion of the definition of renewables, and tax incentives for the production of advanced technology vehicles. While much of the new technology will take years to develop, the legislation will spur much-needed investment in energy infrastructure.
"Renewable and alternative energies are the future and we need to do everything we can to promote their growth," said Smith. "Doing so will not only protect the environment and spur the economy, but it will also improve our national security by making us less dependent on foreign sources of energy."
The Energy Tax Incentives Act will most likely be included in comprehensive energy legislation considered by the Senate later this year.
