Senate Democrats

Reid: Senate One Step Closer To Renewable Energy Tax Credits That Will Lower Energy Prices, Create Jobs, Curb Global Warming

Washington, DC—Senate Majority Leader Harry Reid made the following statement today regarding a tentative deal on renewable energy tax credits:

“I am very pleased that I have been able to work with the Republican leader and the Chairman and Ranking Member of the Committee on Finance to forge an agreement that extends crucial tax incentives for developing clean renewable energy projects and will create good-paying jobs here in America.

“Nevada will particularly benefit from the eight-year extension of credits for residential and commercial solar projects.  The agreement will create tens of thousands of jobs in Nevada and more than a million nationally and provide for a two-year extension of the production tax credit for electricity produced by geothermal.  It also extends tax incentives for energy efficient homes and appliances, includes a new tax credit for purchasers of plug-in hybrid vehicles and extends for two years the deduction for state and local sales taxes, which will benefit residents in states such as Nevada that don’t impose an income tax.

“I also appreciate the hard work that Senators Cantwell and Ensign put into this effort to move our country toward a cleaner, safer and more affordable energy future.”