>>No energy bill yet — But no adjournment, either
September 26, 2008, 10:25 pm
Filed under: Policy

In the midst of its hurried negotiations of a proposed Wall Street bail-out, the House and Senate found time this week to approve separate energy bills extending the renewable energy tax credits beyond the end of this year.

The Senate bill, which passed by a 93-2 vote on Tuesday, was a broad tax measure that extends most renewable energy incentives by eight years, and the White House said it would approve the measure.

The House bill, which passed by 257-166 today, is a narrower energy-only measure that pays for renewable energy incentives through reduced tax credits for oil companies. The White House threatened to veto it.

No agreement between the House and Senate had emerged by the close of the session today, when Congress was scheduled to adjourn for the election campaign. But there were hints that Congress might remain in session to deal with Wall Street’s credit crisis. If so, there’s some chance a unified energy bill might emerge before the election.

Otherwise, Congress will try to reconcile the energy incentives when it convenes in lame-duck session after the election.

The House and Senate bills differ on several important issues. The House bill pays for its renewable incentives by eliminating $18 billion in tax incentives for the oil business. White House officials say the president considers this measure a tax increase worthy of veto.

The Senate’s Energy Improvement and Extension Act merely freezes those oil industry incentives. Both versions of the bill continue the 30 percent tax credit for residential and business solar systems, and remove the $2,000 cap on that credit.


1 Comment so far
Leave a comment

I am holding my breath. 🙂

I’m sure Congress will do the right thing and get the bill done by Monday morning.

Meanwhile solar projects are being shelved, companies losing business. It’s pathetic.

There is so much disdain and political divide in this country. And it will never improve. How could it? 😦

Comment by TJ

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: