Renewable Energy and Job Creation Tax Act of 2008
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Mr. PASCRELL. Madam Speaker, I rise to speak on an issue that has an impact on millions of Americans, and that is the Renewable Energy and Job Creation Act of 2008.
I wish to thank my colleague, Chairman Rangel, for his leadership.
The Renewable Energy and Job Creation Act is a vital piece of legislation. The tax incentives are the best way to bring renewable energy into the American home.
The bill will extend $42 billion of expiring temporary tax provisions for 2 years through 2009. These are bread-and-butter tax cuts that millions of Americans count on. Jobs could be lost if Congress fails to renew these tax incentives.
These are bread-and-butter tax cuts, and we believe, on this side of the aisle, that if you're going to cut taxes, you find money to do it so that you don't run the government like Enron. That's why we are in the position we are in on Wall Street. And you're trying to make this Wall Street.
These extenders not only impact the businesses that claim them, but also their customers, suppliers and others.
The restaurant industry is projected to spend $70 billion over the next 10 years for building construction and renovation. Every dollar spent in the construction industry creates more than 28 jobs in the overall economy, for every dollar.
Failure to renew the research tax credit would also encourage businesses to move their work out of the United States. The United States used to have an attractive research tax credit. Other countries have recently taken the lead. Countries like China now have more attractive research tax incentives, luring research jobs away from the United States. Inaction in this area would hurt our middle class.
Madam Speaker, the basic question is, should we pay for what we're doing, or should we kick the can down the street and put the burden on our children and our grandchildren? The answer is no.