September 29, 2008
House Makes Fate of Renewable Energy Tax Breaks Precarious
The U.S. House passed a tax measure on a 257 to 166 vote margin, which is different from a Senate-passed bill. Its approval could risk the enactment of solar energy tax breaks and other expiring incentives, Bloomberg reports.
The bill retains an eight-year tax extension for solar energy, tax breaks for energy efficiency and incentives for plug-in hybrids, but alters their value. The House bill differs from the Senate-passed bill because it eliminates a $1.1 billion tax break for carbon capture, and increases tax credit for geothermal and biomass sources by nine months. It also leaves out a tax credit for rebuilding refineries.
The White House Office of Management and Budget warned that President Bush would recommend a veto of the House measure because it raises taxes and separates the Alternative Minimum Tax proposal in the Senate package from the main bill.
General Electric Energy’s John Krenicki has warned before that messy politics would make it harder to renew the credits.
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