Filed under: Policy
Sunday-night news items in The New York Times and CQ Politics reported that the House of Representatives will make one more late effort to deal with the renewable energy tax credit extensions passed by the Senate last Tuesday.
But House leaders held out little hope that a compromise would emerge. House Democrats insist that tax credits be offset with “new” funds derived from repealing tax credits for oil companies. To Senate Republicans, that would be a tax increase on the oil giants, and they won’t agree to the provision. The result: a year of stand-offs and another likely failure to extend the credits. The Times ran an editorial urging that the showdown be resolved.
Renewable energy isn’t the only issue stuck in this morass. A fix for the alternative minimum tax, to provide middle-class tax relief, is also at risk and apparently doomed in this session.
The House will adjourn on Monday after voting on the Wall Street bailout plan — which, by the way, is NOT paid for by offsetting revenues.
Congress will have to revisit the renewable energy credit extensions in lame duck session in November.
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