Pete Domenici: “I rise to speak briefly on this essential piece of legislation commonly referred as tax extenders. This is, in many…”

“I rise to speak briefly on this essential piece of legislation commonly referred as tax extenders. This is, in many ways, also an energy security bill that is worth being proud of. There are a host of important tax items here, many of which were implemented under the Energy Policy Act of 2005. Now we extend many of these items through 2008. There are extensions of credit for electricity produced from renewable resources until December 31, 2008. This is clean energy produced from wind, biomass, geothermal and hydropower. It is critical to our Nation's future and these tax credits will play an important role in our energy security over the next decade. There are extensions of credits to holders of clean renewable energy bonds. There are extensions of credits for energy efficiency for homes and for commercial buildings. And, there are extensions of reduced excise tax rates for ethanol. The Energy bill of 2005 has helped in bringing about an economic boom to rural America. Analysis suggests that new biorefineries will result in 30,000 new jobs and will add $114 billion to the bottom lines of American households. These extenders help continue that momentum. All of these items and many more help move us closer to achieving energy security.”