Press Release Summary:
With Senate vote of 93-2, Energy Improvement and Extension Act of 2008 includes NEMA-backed incentives to extend energy-efficient commercial building tax deduction through 2013, benefiting lighting and HVAC products. It also includes 1-year extension through 2009 of production tax credit for wind generation, 30% investment tax credit for solar energy and certain fuel cells, and extension through 2009 for credit to contractors for building energy-efficient homes.
Original Press Release:
NEMA Applauds Senate Vote on Energy Tax Incentives; Urges House to Pass Quickly
ROSSLYN, Va., September 24, 2008-The National Electrical Manufacturers Association (NEMA) applauds today's bipartisan Senate vote to pass meaningful energy tax incentives and called on the House of Representatives to quickly follow suit before recessing so that legislation can be sent to the President for signature.
The Senate vote, 93-2, capped months of wrangling over the scope and timing of energy tax incentives, along with other needed tax provisions. Included in the energy provisions of the Energy Improvement and Extension Act of 2008 (HR 6049) are NEMA-backed incentives to extend the energy-efficient commercial building tax deduction through 2013 benefiting lighting and HVAC products, a decrease in the depreciable life to 10 years of qualifying smart meters and smart-grid technologies installed by a utility, a one-year extension through 2009 of the production tax credit for wind generation, a 30 percent investment tax credit for solar energy and certain fuel cells, and extension through 2009 for a credit to contractors for building energy-efficient homes.
NEMA has championed efforts throughout 2008 to enact energy tax incentives since many provisions expire December 31, 2008. Used by individuals and companies, these provisions increase the use and installation of energy-saving products and technologies which, in turn, reduce electric bills and have a positive impact on the environment. These incentives also provide a benefit to the lagging contracting, distribution, building construction, and retail sectors of the economy.
In a recent letter sent to Congressional leadership, NEMA President and CEO Evan Gaddis called on Congress "to come together, put partisanship aside, and pass meaningful legislation now."
Also included in the Senate package is a NEMA-supported retroactive extension and improvement of the domestic research and development tax credit through 2009 which will benefit continued innovation and competitiveness of electrical and medical imaging equipment manufacturers.
NEMA is the trade association of choice for the electrical manufacturing industry. Founded in 1926 and headquartered near Washington, D.C., its approximately 450 member companies manufacture products used in the generation, transmission and distribution, control, and end-use of electricity. These products are used in utility, medical imaging, industrial, commercial, institutional, and residential applications. Domestic production of electrical products sold worldwide exceeds $120 billion. In addition to its headquarters in Rosslyn, Virginia, NEMA also has offices in Beijing, Sao Paulo, and Mexico City.
NEMA. Setting Standards for Excellence
Visit our website at www.nema.org