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News from
Rep. Stephanie Herseth Sandlin
For Immediate Release
Contact: Russ Levsen, 202-226-4449
Chip Weiskotten, 202-226-8553
GROUNDBREAKING
RENEWABLE ENERGY LEGISLATION PASSES
KEY HOUSE COMMITTEE
Herseth
Sandlin: Represents Significant Step Forward For Wind, Biodiesel in
South Dakota
June 20,
2007, Washington, D.C. -
U.S. Rep. Stephanie Herseth Sandlin today praised the passage of important
renewable energy legislation from the House Ways and Means Committee.
The bill, H.R. 2776, the Renewable Energy and Energy Conservation Tax
Act of 2007, includes a range of significant and expanded incentives
for the production of renewable energy, particularly wind and biodiesel,
in South Dakota.
Rep. Herseth Sandlin
said, “This is a groundbreaking bill that significantly advances South
Dakota’s role in our national energy policy. The incentives included
in today’s bill will ensure the continued development and expansion
of wind energy and biodiesel production in South Dakota.”
Rep. Herseth Sandlin,
co-chair of the House Rural Working Group, has been working with her
colleagues on Ways and Means to advocate for national tax policy that
reflects the strengths of agricultural producers in rural America. She
has been a strong supporter of legislation in the House that encapsulates
many of the proposals in H.R. 2276 and has used her position leading
the House Rural Working Group to broaden geographic support for renewable
energy as a key way to reduce our dependence on foreign oil, strengthen
national security, improve the environment and revitalize rural economies.
Rep. Herseth Sandlin said, “We need to re-prioritize our national energy
policy in a way that recognizes the unique contributions our agricultural
producers are ready, willing and able to make.”
H.R. 2776 provides
a range of renewable energy and conservation provisions, including the
following, which are relevant to South Dakota energy producers:
- Long
term extension and modification of the renewable energy production
tax credit. The bill extends for four years the production
tax credit, thorough December 31, 2012, for wind and biomass facilities.
This extension will allow for enhanced planning and certainty for
producers and investors alike.
- Extension
of the biodiesel production tax credit. The bill extends
for two years, through December 31, 2010, the $1.00 and 50 cent per
gallon production tax credits for biodiesel and the small biodiesel
producer credit of 10 cents per gallon.
- New Clean
Renewable Energy Bonds (“CREBs”). The bill authorizes $2
billion of new clean renewable energy bonds for public power providers
and electric cooperatives, including South Dakota’s rural electric
cooperatives. Qualifying projects include facilities that generate
electricity from resources including wind and biomass.
- Extension
and increase of the alternative refueling stations tax credit.
The bill provides a tax credit to businesses, like gas stations, that
install alternative fuel pumps such as those that dispense E85 fuel.
The bill also extends this credit through the end of 2010. Additionally,
the bill increases the 30% alternative refueling property credit (capped
at $30,000) to 50% (capped at $50,000).
Rep. Herseth Sandlin
noted that the legislation is entirely revenue neutral through the repeal
of excessive tax breaks and subsidies for oil and gas companies, in
adherence with fiscally responsible pay-as-you-go spending rules in
the House.
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Congresswoman
Stephanie Herseth Sandlin serves South Dakota in the U.S. House of Representatives.
She is a member of the Blue Dog Coalition, a group of moderate Democrats
committed to fiscal discipline and strong national security, and is
co-chair of the Rural Working Group, which is dedicated to raising the
profile of issues important to rural America. She also serves on three
committees vital to South Dakota’s interests: Agriculture, Veterans’
Affairs and Natural Resources. In the 110th Congress, Rep. Herseth Sandlin
was appointed to serve on the Select Committee on Energy Independence
and Global Warming.
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