House Committee On Ways And Means Holds Hearings On Energy Tax Incentives

The House Committee on Ways and Means is holding hearings to examine the effectiveness of current energy tax policy and to identify additional steps that the committee can take to ensure continued job growth. The committee will also look at advancing national energy policy, with a discussion of current and proposed energy tax incentives.

Ways and Means Committee Chairman Sander M. Levin, D-Mich., stated in his opening statement that the U.S. is lagging behind other countries when it comes to renewable energy advancements.

He cited a paper from the National Foreign Trade Council that said Chinese developers have indicated that eventually most or all of the renewable energy equipment installed in China will be made in China. This will be achieved, according to the paper, through laws, regulations and other measures.

Levin noted that the American Recovery and Reinvestment Act has allowed more investment in advanced renewable energy technologies but more needs to be done.

‘In particular, although we are making strides in generating long-term demand for green technology, we have significant work to do to make certain this demand is satisfied with goods produced in the United States,’ Levin explains. ‘Toda,y we will hear testimony that the U.S. wind turbine manufacturing industry is not currently capable of supplying 100% of the wind power capacity that would be constructed with the support of these Recovery Act programs.’

SOURCE: The House Committee on Ways and Means

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