07.01.08

Schumer Pushes Energy Tax Breaks to Help Local and Upstate Alternative Energy Businesses and Bring Hundreds of New Green Jobs to CNY- Energy Independence Only Long-Term Way Out From High Gas Prices

Tax Incentives Are Key to Expanding Alternative Energy Research and Development, Where CNY is One of the Leaders - Bill Would Boost Alternative Energy Solutions, Potentially Create Hundreds of Jobs Senate to Vote on Bill This Month On Tour of SUNY Center for Sustainable & Renewable Energy Today, Schumer Announces Tax Credit Initiative to Spur New Businesses in CNY That Use Green Technology

With soaring oil prices taking a toll on Central New York's local economy and consumers, U.S. Senator Charles E. Schumer today announced a tax incentive initiative for local alternative energy businesses that could potentially bring hundreds of green jobs to Central New York. Schumer toured SUNYESF's Center for Sustainable & Renewable Energy, a cuttingedge research facility in Syracuse that develops green technology for use at local alternative energy businesses. The proposed tax credits would offer muchneeded incentives to boost innovative, alternative energy businesses that would help to produce jobs and lower high oil prices for consumers.

 

"SUNYESF is one of the very bright spots in what seems like a pretty bleak energy future these days," said Schumer. "The tune is too familiar at this point-gas prices are through the roof and consumers are getting slammed. And this means one, very important thing: it's time to get serious about a longterm solution to our energy dependency. By offering these kind of incentives to businesses pursuing alternative energy, we could not only make major strides in untangling ourselves from this energy mess, but could also bring hundreds of goodpaying, green jobs to Central New York, delivering a boost to the local economy."

 

Today, following a tour of the SUNYESF laboratory, a national leader in energy research and innovation, Schumer announced his support for legislation that would create tax incentives for green businesses. By offering tax incentives, alternative energy research and development can further expand across Central New York, bringing hundreds of green jobs to the area, boosting the local economy and ensuring that the work being done at SUNYESF and other cuttingedge research centers will continue to be supported.

The energy and tax extenders bill, set for a vote on the Senate floor this month, would double the maximum tax credit for new residential solar panels and extend it through 2016.  It would also extend the tax credit for residential geothermal pumps through 2016 and the tax deduction for energy efficient commercial buildings through 2013.  These longterm extensions are essential for predictability and attracting capital to new projects across Central New York.

 

The bill will also allow homeowners who install residential wind power equipment, such as microturbines, to qualify for a property tax credit of up to $4,000 a year.  It would extend the tax credit for energyefficient consumer appliances through 2010.  And it would create a tax credit of up to $3,000 for consumers who purchase zeroemission plugin electric vehicles-encouraging Upstate consumers to invest in energy efficient products and technology.

On top of that, the bill would extend the federal production tax credit for wind power and the excise tax credits for biodiesel and renewable diesel gas through 2009, all of which are essential to New York businesses. And finally, the bill would authorize $2 billion worth of clean energy bonds to finance facilities that generate electricity through alternative sources such as wind, biomass, geothermal, small irrigation, hydropower, landfill gas, marine renewables, and trash combustion.

"These tax provisions can help make alternative and renewable energy into the next decade's version of the hightech boom, with one important difference:  It won't be a bubble that bursts," said Schumer.

 

Founded in 1911, the State University of New York College of Environmental Science and Forestry is the nation's oldest and most respected school dedicated to the study of the environment, developing renewable technologies and building a sustainable future. The mission of SUNYESF is to advance knowledge and skills and to promote the leadership necessary for the stewardship of both natural and designed environments.



Previous Article Next Article