The following article is from the April 2007 issue of

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In January, Representative Michael McNulty [2] (D-Green Island), along with Representative Dave Camp (R - Michigan), introduced HR 550, Securing America's Energy Independence Act of 2007 [3]. The bill, which ultimately would extend the investment tax credit with respect to solar energy property and qualified fuel cell property, enjoys bi-partisan support in both houses, as well as strong support from the nanotech renewable energy crowd in the capital region. (The bill was introduced as S 590 in the U.S. Senate in mid-February.)

The technology industry in the capital region is fast growing. Nicknamed "Tech Valley," the region hosts several nanotech companies as well as the College of Nanoscale Science and Engineering at the University of Albany, which is the first college in the world that is dedicated to the research, development, and deployment of innovative nanoscience, nanoenginnering, nanobioscience, and nanoeconomics.

Because of its predicted benefits to Tech Valley, local voices are cheering loud for McNulty's bill. Dr. Roger Saillant, CEO of Plug Power, a sustainable development company located in Latham, said, "The introduction of this legislation is yet another example of McNulty's leadership and tireless commitment to the commercialization of fuel cells and alternative energy technologies, which will ultimately further our nation's progression toward energy independence."

If the bill were to pass, it would help fuel economic growth in the region and help the nanotech industry accelerate the development of alternative energy technology.

The Energy Policy Act of 2005 authorized a host of energy alternatives as well as loan guarantees for innovative technologies that avoid greenhouse gases in favor of clean coal and renewable energy. It included an investment tax credit of 30 percent per kilowatt for fuel cells (capped at $1,000) and a 30 percent tax credit for solar systems purchased for both residential (capped at $2,000) and business applications. Securing America's Energy Independence Act of 2007 would extend the current two-year solar and fuel cell tax credits for eight additional years in order to spur investment in high-tech renewable energy.

The bill has been referred to the House Committee on Ways and Means and to the Senate Committee on Finance.