Schwartz Introduces Green Job Act

from the inbox:

U.S. Reps. Allyson Schwartz (D-PA), Mark Schauer (D-MI) and Brian Bilbray (R-CA) introduced bipartisan legislation yesterday that will encourage the next generation of biofuels or fuels made from living things such as plants and algae.

The GREEN JOB (Grow Renewable Energy Economy Now, Jumpstart Other Biofuels) Act will create high quality jobs here in America, reduce our dependence on foreign oil, replace fossil energy sources, and bring economic benefits to rural and urban communities across the country.

“We have the opportunity right now for American companies to be at the forefront of producing the next generation of energy sources and creating thousands of clean energy jobs,” Schwartz said. “This legislation will accelerate the construction of these biofuels and encourage cost-effective production right here in America.”

“To fuel our long-term economic recovery, we need to make sure American businesses have the resources they need to fulfill our long-term energy needs,” Schauer said. “By investing in the renewable energy sources of tomorrow, this legislation will help cut our dependence on foreign oil and put people back to work today.”

“Green job creation depends upon strong American enterprise,” Bilbray said. “The GREEN JOB Act provides for greater incentives and investment in the production of sustainable, renewable and green energy from advanced drop-in transportation fuels, such as biofuels created from algae. Our bill will provide the much-needed and long-overdue tax parity for algae-based fuel that will help develop this growing industry.”

The GREEN JOB Act will provide a level playing field between algae-based fuels and cellulosic or plant based fuels by bringing the production tax credits between these two technologies closer together. It will also provide investment for both types of fuels by creating a 30 percent investment tax credit for bio-refineries that will give the biofuel industry equal treatment under the tax code as other renewable energy sectors such as wind and solar. The bill will also provide an extension of the production tax credit until 2016.