Yesterday the U.S. House of Representatives passed the long-stalled extensions for energy-efficiency and renewable tax incentives, which are set to expire at the end of the year.
The House passed H.R. 6049, the Energy and Tax Extenders Act of 2008, by a 263-160 vote. The $54 billion tax package is a wide-ranging bill that includes $17 billion in tax incentives for renewable energy sources such as wind and solar power, carbon capture and sequestration projects, plug-in cars and technology for green buildings.
It also includes a five-year extension, through December 31, 2008, of the consumer tax credits for energy-efficient existing homes and for the energy-efficient commercial buildings deduction and a three year extension of existing tax credits for manufacturers of energy-efficient appliances.
In addition it provides $8.8 billion over 10 years to renew the research and development tax credit and creates a new category of tax credit bonds to finance state and local government initiatives to reduce greenhouse gas emissions.
The bill will now move to the Senate, where the tax incentives have failed in the past to overcome Republican opposition that was centered on reductions in tax credits for oil and gas companies.
This bill does not include such reductions, but it does close a loophole that will cost hedgefund managers millions of dollars, which many House Republicans objected to, and which the White House has also opposed.
The Alliance to Save Energy applauded the bill.
"We commend the House of Representatives for completing the first step toward final passage of these timely tax incentives," said Alliance President Kateri Callahan. "Time is running out to ensure that these incentives can be fully utilized before the end of the year, and it now lies with the U.S. Senate to end this stalemate and extend these smart and meaningful energy tax incentives before the July 4th holiday.
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