WASHINGTON, Dec. 19 (UPI) -- Forty-two U.S. senators of both parties have called on President Bush to extend tax credits for renewable energy until 2013.
Sens. Pete Domenici, R-N.M., the outgoing chairman of the Energy and Natural Resources Committee, and Jeff Bingaman, D-N.M., and incoming chairman, and 40 colleagues signed a letter to Bush Friday urging him to push the renewable energy Production Tax Credit deadline past the current Dec. 31, 2008.
"It is crucial to our national security that we expand and strengthen investment in renewable energy resources," the Senators wrote. "The continued development of renewable energy also will spur significant economic development opportunities, stabilize prices by diversifying the electric generation supply, and help reduce greenhouse gas emissions."
The tax incentives are targeted at certain generating facilities that must be online by the end of 2008 to qualify. That date was set in the Energy Policy Act of 2005.
"In the past, the short-term, start-and-stop nature of the credit has not sufficiently provided utilities, developers, manufacturers and investors with the nece3ssary certainty to maximize the vast potential for renewable technologies," the letter states.
"A long-credit of five years will give businesses the stability necessary to plan and finance renewable energy projects."
The senators called it "a step toward ensuring our energy independence" and give business a signal on Congressional leadership in renewable energy progress.
