US Congress to take up new renewable energy bill this week; tax credits for ethanol, biodiesel among provisions

February 21, 2008

In Washington, US lawmakers are expected to take up a new renewable energy bill next week, which will extend renewable energy tax credits through 2011. Tax credits for solar, fuel cells, cellulosic ethanol, biodiesel, hybrid vehicle and energy-efficiency installations in homes and businesses are also expected in the bill. Similar provisions failed to pass in the Senate last year because of opposition to the elimination of $13.5 billion in tax deductions for oil companies related to domestic production incentives. The rollbacks were used to provide revenue offsets fro the renewable tax credits.

The United States Senate passed the Energy Bill 86-8 in December after $13 billion in oil company taxes were dropped from the bill. Voting on an earlier version of the bill with the tax package still included, the Senate came up one vote short (59-40) of ending a filibuster staged by Senate Republicans in support of the oil companies. The President signed the legislation into law on December 19th.
The Renewable Power Standard, which required utilities to generate 15 percent of their power from renewable resources by 2020, had been subject of a presidential veto threat. The bill also contained $21.5 billion in consumer tax incentives to install solar panels and wind turbines, and buy hybrid gas-electric cars. The tax incentives were offset by the cancellation of $13.5 billion in oil company tax subsidies, and it was this provision which the White House especially objected to.

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Written by Jim Lane · Filed Under Policy

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One Response to “US Congress to take up new renewable energy bill this week; tax credits for ethanol, biodiesel among provisions”

Taxes » US Congress to take up new renewable energy bill this week; tax… on February 21st, 2008 12:25 pm

[...] Estate Planning as a Career wrote an interesting post today on US Congress to take up new renewable energy bill this week; tax…Here’s a quick excerptThe United States Senate passed the Energy Bill 86-8 in December after $13 billion in oil company taxes were dropped from the bill. [...]

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