Thursday, May 22, 2008

U.S. House Passes Renewable Energy Tax Credit Extension Bill

Full article here.

On Wednesday, the U.S. House of Representatives passed The Renewable Energy and Job Creation Act of 2008 (H.R. 6049), a bill that could extend production and investment tax credits for renewable energy, by a vote of 263-160.

...The bill could still face obstacles when it comes up for consideration in the Senate, largely because there is no consensus on how to pay for the extensions. The Bush administration has also threatened to veto the legislation.

Congress has been trying unsuccessfully for a year to extend tax credits for individuals, businesses and developers who invest in clean power. When the credits expire at the end of this year it’s estimated that more than 100,000 jobs and close to US $20 billion in investment will disappear.

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