June 16, 2005

CRAPO SECURES TAX CREDIT TO EXPAND RENEWABLE ENERGY PRODUCTION

Senate Finance Committee tax credits critical to INL nuclear mission

Washington, DC â??Idaho Senator Mike Crapo won key priorities for consumers and producers of renewable energy resources today by securing tax credits to expand nuclear power production as a member of the Senate Finance Committee. The Committee outlined tax provisions for the newly-drafted energy bill, which included a tax credit championed by Crapo to increase nuclear production incentives. The credits will result in long-term benefits to the Idaho National Laboratory (INL), the nationâ??s leader in nuclear research missions. Crapo also sponsored key amendments to expand tax credits for production of renewable energy resources like geothermal, solar, wind, biomass and hydropower.â??This energy bill will result in more jobs, cleaner air, and a stable energy policy for our nation. The tax package and financial incentives put forth today are the cornerstone for continued expansion and production of clean, domestic energy sources,â?? Crapo said. â??The Idaho National Laboratory is the leader in developing the next generation of nuclear facilities and renewable energy. This bill provides the means to expand nuclear energy production and consumption, while spurring growth for all renewable energy sources. Increasing the efficiency and reliability of the nationâ??s energy supply lowers the cost of energy for all Americans, at the pump and in the home. It is time we end our dependency on foreign fuels and continue to create domestic jobs in the energy sector, a sector in which Idahoans play a pivotal role.â??Crapo was also instrumental in including a provision to improve the tax code to encourage investment in refineries that are expanding to increase energy production. Currently, all U.S. refineries are operating at almost full capacity, meaning that even if more oil is imported, gas prices wouldnâ??t be reduced until refining capacity can be increased.The tax title approved by the Finance Committee today will now go to the Senate floor to be attached to the comprehensive Energy Bill and voted on by the full Senate.