President Obama made up a “to-do list” for Congress during a stop in Albany, New York yesterday that includes renewing tax incentives for the development of new domestic energy sources.
At a speech to students at the State University of New York, the president said if Congress fails to act soon, clean energy companies will see their taxes go up and they could be forced to lay off employees. “In fact, we’re already hearing from folks who produce wind turbines and solar panels and a lot of this green energy that they’re getting worried because there’s uncertainty out there,” he said. “Congress hasn’t renewed some of the tax breaks that are so important to this industry. And since I know that the other side in Congress have promised they’ll never raise taxes as long as they live, this is a good time to keep that promise when it comes to businesses that are putting Americans to work and helping break our dependence on foreign oil. So we should extend these tax credits. That’s on the “To-Do” list.”
The Advanced Ethanol Council applauds President Obama’s remarks. “The President is right to ask for an extension of existing clean energy tax incentives, including those for cellulosic and advanced ethanol technologies, which level the playing field for clean energy investments in the face of decades-old and permanent tax breaks for the fossil fuel industry. The country will not win the race to develop and deploy clean energy technologies if the U.S. tax code continues to favor incumbents over innovators. We look forward to working with the White House and Congress to ensure that America emerges as the world leader in clean energy and biofuel development.”