NEMA approves of energy efficiency portion of financial bailout package

With energy efficiency and renewable energy provisions included in the legislation, the National Electrical Manufacturers Association (NEMA) praised the House of Representatives for passing the Emergency Economic Stabilization Act of 2008, H.R. 1424, by a vote of 263-171. House passage followed action by the Senate on Oct. 1, which approved the legislation with a vote of 74-25. President Bush signed the package into law on Oct. 3.

Included in the rescue package are provisions lobbied by NEMA that impact deployment of energy efficiency and renewable energy technologies, including:

An extension through 2013 of the of energy-efficient commercial buildings tax deduction;

Extension and modification of the renewable energy tax credit;

Accelerated depreciation for smart meters and smart-grid systems;

Extension of the tax credit for energy-efficient improvements to existing and new homes;

Extension of the production tax credit for wind and renewable technologies; and

Renewal and extension of the research and development tax credit through 2009.

“I am extremely happy with the action Congress has taken today,” said NEMA president and CEO, Evan R. Gaddis. “Not only did Congress pass a critical economic rescue plan, but it also provided a stimulus to our economy by extending many energy tax incentives that will support construction, contracting, and manufacturing jobs. Many of the incentives contained in the legislation provide the private sector the needed longer-term certainty for business investment and planning, rather than the one-year patches that NEMA companies have been struggling to optimize. Members of congress felt tremendous pressure to pass this legislation, and this pressure can be attributed to many of the NEMA companies that contacted their elected officials to voice support of these critical tax incentives.”

www.nema.org

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