The extension of tax credits for the renewable energy industry has been added to the $700 billion Wall Street bailout as part of a multi-faceted tax package that is expected to be voted on today, the U.S. Senate announced Tuesday night.
Earlier this week, the credits came close to extinction when it looked like the House was going to go home for the year. But when the massive Wall Street bailout was defeated on the House floor Monday, House leaders decided to reconvene later this week to try again.
“All sides in the fray have been chastened by the near-death experience,” said senior director of government affairs for the American Wind Energy Association. “We’re still in the game, but it’s a narrow window.”
At times, the rhetoric has gotten heated, such as on Monday, when a House leader accused the Senate of legislating “by blunt force.”
At issue is a program of tax credits that the renewable industry says are vital to its growth as interest grows in alternatives and the cost of fossil fuels eats into family budgets.
The details of the credits vary somewhat in the many different bills that have been introduced and passed the different chambers. In their latest $18 billion incarnation, the tax credit for producing electricity from wind would be extended for one year, while the credit for other renewable sources would be extended for two years. The tax breaks for solar energy would be extended for eight years... read the rest
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