>>Senate passes renewable tax credit extension
September 23, 2008, 10:10 pm
Filed under: Policy

Reuters reports that the U.S. Senate this afternoon approved a one-year extension of wind energy tax incentives, with a two-year extension for other forms of renewable power and an eight-year extension for residential solar.

The Associated Press reports the margin of victory was 93 to 2 — ironic considering how long this bill was stalled.

The House will now respond on Wednesday with its own bill, presumably containing the same language. The White House said it opposes the “tax hike” elements of the bill, but that the President will sign it.

Bloomberg’s Daniel Whitten offers a good analysis of what’s in the bill — including the plum concessions to oil companies that brought conservative senators over. One item he didn’t mention: Democrats caved on the offshore drilling issue. The New York Times reports that, faced with a veto threat on the drilling moratorium, they’ll allow the ban to expire at the close of the year. Is this part of the horse trading? We may find out in time.

The extension of renewable incentives is great news, coming as it does at the last possible minute, with just three days left in this legislative session.  In the long run it will lead to nearly a million new jobs in wind, solar and other renewable projects. Warm congratulations are due to all who worked so hard to bring this measure to a vote.

Now let’s see what the House does.


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