Press Release of U.S. Senator Barbara Boxer
|For Immediate Release: |
September 23, 2008
Washington D.C. Office (202) 224-3553
Boxer Statement on Energy Tax Credits
I am so pleased that common sense has finally prevailed, that my Republican colleagues have stopped their obstruction and the Senate was finally able to come together to extend these critical energy tax credits.
This action couldn't come a moment too soon—right now, we are facing one of the biggest financial crises in our history. Unemployment in my home state of California has reached 7.7 percent—the highest in 12 years. And last month, more than 101,000 Californians received foreclosure notices and more than 33,000 lost their homes.
These energy tax credits will not only help create new, green jobs at a time when we desperately need an engine for economic growth, but will help us reduce our dependence on foreign oil.
These tax credits will also help lower residential energy costs at a time when our families are desperate for some relief. Under this bill, homeowners can continue to get a 30 percent tax credit for the cost of installing solar energy equipment on their homes.
We are also creating an important tax credit to help encourage the purchase of plug-in electric cars, which will not only help ease consumers' pain at the pump, but will simultaneously help our environment and reduce our dependence on oil.
New technologies to finally end America's addiction to oil such as plug-in hybrids and alternative energy sources are here, but it will take sustained investment to ensure that we do not stifle growth and let these advances fall by the wayside.
In addition, this bill helps protect millions of middle class Americans from the Alternative Minimum Tax. It also provides disaster relief assistance, including important benefits for victims of California wildfires.