Press Release Summary:
NEMA praised House of Representatives for passing Emergency Economic Stabilization Act of 2008 by vote of 263-171. Rescue package includes provisions lobbied by NEMA that impact deployment of energy efficiency and renewable energy technologies. Examples include extension through 2013 of energy-efficient commercial buildings tax deduction, extension and modification of renewable energy tax credit, and accelerated depreciation for smart meters and smart-grid systems.
Original Press Release:
NEMA Praises Congress in Passing the Economic Rescue Package; Energy Efficiency Tax Incentives
ROSSLYN, Va., October 3, 2008-The National Electrical Manufacturers Association (NEMA) today praised the House of Representatives for passing the Emergency Economic Stabilization Act of 2008, H.R. 1424, by a vote of 263-171. House passage follows action by the Senate on October 1, which approved the legislation on a vote of 74-25. The package now goes to the President for his signature.
Included in the rescue package are provisions lobbied by NEMA throughout the year that impact deployment of energy efficiency and renewable energy technologies. In September, NEMA President and CEO Evan R. Gaddis, called on Congressional leadership to put partisan bickering aside and pass the energy tax provisions prior to Congress adjourning for the fall elections.
The energy and renewable tax provisions include:
o An extension through 2013 of the of energy-efficient commercial buildings tax deduction
o Extension and modification of the renewable energy tax credit
o Accelerated depreciation for smart meters and smart-grid systems
o Extension of the tax credit for energy-efficient improvements to existing and new homes
o Extension of the production tax credit for wind and renewable technologies
o Renewal and extension of the research and development tax credit through 2009
"I am extremely happy with the action Congress has taken today," Gaddis said. "Not only did Congress pass a critical economic rescue plan, but it also provided a stimulus to our economy by extending many energy tax incentives that will support construction, contracting, and manufacturing jobs. Many of the incentives contained in the legislation provide the private sector the needed longer-term certainty for business investment and planning, rather than past one-year patches that NEMA companies have been struggling to optimize. Members of congress felt tremendous pressure to pass this legislation, and this pressure can be attributed to many of the NEMA companies that contacted their elected officials to voice support of these critical tax incentives."
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.
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