Florida’s 16th Congressional District
RELEASE: MEDIA CONTACT:
February 27, 2008 Hilary Flint (202) 230-6917
Mahoney Continues Efforts to Transform Rural Florida
Congressman Supports Tax Cuts for Biofuels
that will Decrease Dependence on Foreign Oil and Lower Gas Prices
(Washington, D.C.) - Congressman Tim Mahoney (FL-16) spoke in support of the Renewable
Energy and Energy Conservation Tax Act today on the floor of the House of
Representatives. The tax cuts contained
in this legislation are important for Florida to develop its emerging biofuels industry that offers rural Florida an opportunity to create high
High energy prices continue to squeeze American
families. Over the past 8 years, gas prices have increased 109%. Over the same time period, oil company
profits are up 313%.
Congressman Mahoney is working to lower gas prices and
improve national security by making us more energy independent.
Here to Watch Congressman Mahoney’s Speech on the Energy Conservation Tax Act
The Renewable Energy and Energy Conservation Tax Act amends the Internal Revenue Code provisions relating to
renewable energy sources and energy conservation:
tax credit for production of electricity from renewable resources through
energy tax credit for solar energy and fuel cell property through 2016;
special rule for treatment of gain from electronic transmission
transactions by certain electric utilities through 2009;
tax credit for residential energy efficient property expenditures through
tax credit for alternative fuel vehicle refueling property expenditures
tax credit for biodiesel and renewable diesel
used as fuel through 2010;
tax credit for nonbusiness energy property
expenditures through 2009; and
- the tax deduction for energy efficient commercial
buildings through 2013.
The Bill allows
new tax credits for:
cellulosic alcohol produced for use as a
fuel in the United States. This new production tax credit of 50 cents
per gallon is in addition to the current 51 cents per gallon ethanol credit.
in new clean renewable energy bonds and qualified energy conservation
- the production of plug-in hybrid motor vehicles, cellulosic alcohol fuel, and electricity from marine
and hydrokinetic renewable energy sources.
Since taking office, Mahoney has worked with private
industry to develop a cellulosic ethanol industry in Florida. In the past year, four new
businesses have been announced to build cellulosic
ethanol plants in Mahoney's district.
Congressman Mahoney worked with Chairman Markey last
year to ensure that as much as 100 million gallons of cellulosic
ethanol will be blended into gasoline beginning in 2007as part of the Energy
Bill that passed the House last year. This will increase to 16 billion gallons
of cellulosic ethanol by 2022. This accelerated
mandate will ensure that private industry will begin immediately investing in
the research and development necessary to accomplish this goal.
As the only Member of Congress from Florida to serve on the House
Agriculture Committee, Mahoney has led the effort to promote research and
investment in cellulosic ethanol in the Farm Bill.
Mahoney's work in the Farm Bill related to ethanol includes:
an Ethanol Loan Guarantee Program;
and development funding for Ethanol Technologies;
federal programs to include all of Florida's biomass sources.
Congressman Tim Mahoney
H.R. 5351 – Renewable Energy and Energy Conservation Tax Act
February 27, 2008
Mr. Speaker, I represent the 16th Congressional District
of Florida. My district is home to a
subtropical climate and rich soil. It is
the largest and most varied producer of the biomass needed to produce cellulosic ethanol.
Unfortunately, some of rural areas of my district are
also the poorest in Florida -- where we have high
unemployment, and an almost 40% drop out rate in our high schools. Many of our
rural youth don’t see that getting their high school diploma will make a
difference in their lives.
Thanks to this Congress, the day is coming when America can turn its back on foreign
oil because we had the courage to create a biofuels
industry here in America. A business
that will transform rural America.
Thanks to Chairman Rangel, H.R. 5351 helps to make this
vision a reality by giving gasoline companies a tax credit for blending cellulosic ethanol.
This credit, in addition to the Energy and Farm bills we
passed last year, will get Wall Street to open their wallets and invest in cellulosic ethanol businesses throughout rural America. It will give our rural youth hope and an
opportunity to have a job with a future.
Congressman Tim Mahoney
9 SE Osceola St
Stuart, FL 34994
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