PREPARES TO MARK-UP COMPREHENSIVE ENERGY TAX LEGISLATION

In an effort to reduce America’s dangerous dependence on foreign oil, U.S. Rep. Bill Pascrell, Jr. (D-NJ-08) cosponsored the Fuel Economy Reform Act in the House of Representatives.  The legislation would require cars and light trucks to achieve an average fuel economy standard of 35 miles per gallon by 2018.

“Increasing fuel economy standards is the single biggest step we can take to end our dangerous reliance on foreign oil,” stated Pascrell.  “The less oil our cars and SUVs consume, the more independent we will grow.  The Fuel Economy Reform Act is backed by years of science and policy research to provide a feasible, common-sense approach to easing America’s oil addiction.”

The Fuel Economy Reform Act would require cars and light trucks to begin increasing fuel economy standards by achieving a 27.5 mile per gallon standard by 2012.  It would then increase fuel economy standards by four percent until the fleet-wide fuel economy reaches 35 miles per gallon by 2018.  Fuel standards would continue to increase by four percent after 2018 unless the National Highway Traffic Safety Administration (NHSTA) finds that such standards are not technologically or economically feasible.

The legislation would not apply to trucks or vans used for legitimate business purposes, such as farm vehicles, fork lifts, cranes and derricks, school buses, flatbed trucks, cement mixers, and other vehicles as designated by the IRS.

Pascrell, a member of the tax-writing Ways and Means Committee will be active on Wednesday, June 20 in moving H.R. 2776, the Renewable Energy and Energy Conservation Act through the committee so that it may be considered before the full House of Representatives.  The legislation would extend approximately $16 billion in incentives for renewable energy production, solar energy, fuel cell investment, hybrid vehicles and biodiesel production.

Other conservation incentives include fringe benefits for bicycle commuters, tax credit bonds for green community programs that reduce gas emissions, deductions for energy-efficient buildings, tax credit bonds for States to implement low-interest loans and grants for energy efficient property and efficiency improvements to existing homes, and the extension of energy-efficient appliance tax credits.

“The Renewable Energy and Energy Conservation Act will give consumers, state and local governments immediate and tangible incentives to help America lead the way in ending wasteful energy consumption habits.  It is a critically important bill that is a fiscally responsible environmental imperative.  I urge my colleagues to work cooperatively toward passing this comprehensive energy independence package.”

H.R. 2776 is scheduled for consideration before the full Committee on Ways and Means on June 20 at 10:00 AM in room 1100 in the Longworth House Office Building.        

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