THE WHITE HOUSE
Office of the Vice President
ENERGY EFFICIENT TAX INCENTIVES INTRODUCED INTO CONGRESS BY REPRESENTATIVE MATSUI
Washington, DC -- Today, Representative Bob Matsui introduced the Administration's package of energy efficiency tax incentives to help America meet the profound challenge of global climate change in a way that opens new economic opportunities for our nation. The five-year, $3.6 billion package will provide real incentives for consumers to buy more energy efficient homes, cars and other selected products, such as high-efficiency water heaters and rooftop solar systems. It will also encourage more production of renewable energy, such as wind power and power from farm and forestry resources.
STATEMENT BY THE VICE PRESIDENT
This legislation is a win-win-win proposition. For American families and consumers this legislation will mean lower energy costs and the potential for new economic opportunities. For our nation, it will mean more jobs, more innovation, increased competitiveness, and greater energy security. And for our environment, the gains in energy efficiency will mean better air quality and fewer emissions of the greenhouse gases contributing to global warming.
All those who helped make this bill responsive to the needs of our environment and our economy deserve our thanks and appreciation, including General Motors, Ford, and DaimlerChrysler, who helped develop the incentives for qualifying electric and hybrid vehicles. I especially want to thank Representative Matsui for his hard work in turning a set of good ideas into sound legislation.
For American families, consumers, and businesses, this legislation is about saving dollars and cents. For our environment, it is about common sense. This past year, a growing body of scientific evidence on global warming has thrown into sharp relief the magnitude of the challenge before us. 1998 was far and away the single warmest year on record and it was punctuated by some of the severest weather of the century. I now urge Congress to pass this legislation into law.