US House committee OKs $20 billion in energy incentives, credits: pump conversion, investment tax credit increases, extensions

In Washington, the US House Ways and Means Committee approved a package of $20 billion in energy tax credits and incentives and cleared the way for the provisions to move to a vote on the floor of the House. The credits and incentives are components of the Obama economic stimulus package.

The package would extend to wind investment tax credit by three years to 2012, as well as extend the investment tax credit to 2013 for biomass-to-power facilities. In addition, renewable energy projects placed in 2009 and 2010 would be able to use a 30 percent investment tax credit in place of the production tax credit which is phased over 10 years. In addition, the package increases tax credits for service stations that convert pumps to E85, hydrogen and other renewable fuels.

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