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Snowe Statement on Senate Failure to Advance Tax Extenders Package that Included Energy Efficiency Tax Credits

Friday, June 13, 2008


WASHINGTON. D.C. – U.S. Senator Olympia J. Snowe (R-Maine), a senior member of the Senate Finance Committee, released the following statement this afternoon regarding the Senate’s failure to advance a tax extenders package:
 
“Unemployment in May hit the biggest monthly jump in twelve years.  The price of gasoline is now more than $4 a gallon and climbing.  Oil costs are set to reach $140 per barrel and analysts are predicting a rise to $150 by July 4th.  While Congress will be forced to make difficult choices on some of these issues in the coming months, this issue – whether to extend critical tax incentives right now should be, frankly, a straightforward decision.” 
 
“This country is in an energy crisis, but by the way Congress acts, you wouldn’t know.  This bill would extend critical energy tax credits – including the catalyst that caused a 45 percent growth in wind energy last year and energy efficiency tax credits that creates an incentive to reduce energy demand.
“Energy efficiency is single-handedly the most effective investment that our country can make to address the calamity of our energy policy.  In fact, some tax credits have already expired, and as a result, there are currently no incentives to purchase efficient furnaces. 
 
“At a time when hard-working Americans are worried about heating bills in June, we must provide the assistance to allow people to invest in energy efficient products that will reduce our collective demand for energy, and save everyone money.”
 
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