WASHINGTON, D.C. -- Representative Edward J. Markey (D-MA), a senior member of the House Energy and Commerce Committee, introduced bi-partisan legislation to extend and improve crucial energy tax credits for American homes and commercial buildings with Reps. Jim McDermott (D-WA) and Jerry Weller (R-IL). As part of a major thrust in national energy policy to reduce America’s addiction to oil and chairman, the EXTEND act provides incentives to incorporate more energy efficient components into everyday commerce and living.

A copy of the bill can be found here: MMW EXTEND Act of 2007.pdf

Rep. Markey said, “This bill helps provides the tax incentives needed to jump start efforts to make are nation more energy efficient. We know that our consumption of electricity and natural gas are nothing more than a function of how energy efficient our buildings and appliances are in their consumption of energy.  If we work smarter by becoming more efficient, we don't have to work harder to build expensive new power plants that also generate the greenhouses gases that cause global warming."

“We’ve got to think in terms of energy efficiency, in addition to clean energy production, and we’ve got to focus our efforts where they can have the greatest impact in the least amount of time. The homes we live in and the offices we work in actually account for the greatest amount of carbon emissions in the U.S., even bigger than automobiles,” Rep. McDermott said, citing data from the Environmental Protection Agency.

Rep. Jerry Weller (R-IL) said: "Achieving energy independence and addressing climate change requires bi-partisan effort and I'm pleased to be part of this effort.  As 20 per cent of all energy is consumed in our homes, we made progress in the 2005 Energy Bill with incentives to encourage energy efficiency in new and existing homes.  But we need to do far more to encourage the introduction of more efficient heating, lighting and cooling systems in both residential and commercial buildings.  The EXTEND Act is a major step forward and deserves swift action by the Congress."

Currently, taxpayers receive a credit for the purchase and installation of energy efficient products and technology in homes or commercial buildings.  These tax credits, first available in 2006, are scheduled to expire at the end of this year.  This legislation would extend the existing tax credits for four years.  In addition, the new law would phase in new tax credits that reward on-going energy efficiency.