Senate adds renewable energy credits to bailout - Triangle Business Journal:

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Earlier this week, the credits came close to extinction when it lookedx like the House was goinv to go home forthe year. But when the massive Wall Streegt bailout was defeated on the Housefloor Monday, Housw leaders decided to reconvene later this week to try “All sides in the fray have been chastener by the near-death experience,” said Greg Wetstone, senior directord of government affairs for the . “We’re stillo in the game, but it’w a narrow window.
” At times, the rhetoric has gotteh heated, such as on Monday, when a House leadet accused the Senate oflegislating “by blunt At issue is a program of tax credita that the renewable industrty says are vital to its growth as interest grows in alternativesx and the cost of fossil fuele eats into family budgets. The details of the creditxs vary somewhat in the many different bills that have been introduced and passed thedifferent chambers. In theirr latest $18 billion incarnation, the tax credit for producing electricity from wind would be extended forone year, whilde the credit for other renewable sources wouls be extended for two years.
The tax break s for solar energy would be extender foreight years. Last the Senate passed an extensioh of the renewable tax credite ina 93-2 vote. They were wrappee in with several other including extensions of the othertax credits, benefitxs for disaster victims and a measure to preventg 24 million households from getting hit with the $61.7 billion alternative minimum tax increasse due to take effect this year. It wouls have been paid for by increasin the tax burden of oil companieas and terminating a tax deferral used by hedge fund Senate leaders called ita “delicate strengthened by the Bush administration’s decision to withdras a veto threat.
Given the lopsider vote and the WhiteHouse support, politicaol observers and analysts called it a breakthrough moment. Whilee renewable tax credits in the plan were offset with tax some balked as other tax break extensions were notpaid for. Housd leaders also growled the package was dumped on them at the last minut as they were aboutto “Take it or leave it is not a good said House Majority Leader Steny Hoye (D-Md.), who held two news conferences to denounce the Senatd tactics. “Legislating by blunt force is not the way we oughrtto proceed.” Senate leaders responded that they were not tryingg to tell the House to take it or leave it.
But when the Senate announcedd Tuesday night that they were addinyg the tax package to themassiver bailout, it looked as though the Senats was trying to force the hand of Hous Democrats. If the Senate passes the combined billWednesda night, House members will be undet intense pressure to support it, despite theifr reservations, for fear of further roiling the Hoyer said he is “not pleased” with the Senate’s maneuver in a televisionj interview Wednesday morning. He said he planas to discuss the Senate’s revisions with fellos House Democrats. There were 30 Democrate who voted againstthe Senate’s AMT including Hoyer. Of those, 13 voted for the bailougt bill.
Those members must now decide if theirr commitment to a balanced budget trumps the call to aid the If the bailoutpackage passes, the renewabl credit will pass with it. If it fails, Congress stil probably won’t go home for the year. They wouldf likely come back to try to fashio n something else thatwill pass. For the rest of this continuing coverage of renewable tax creditws and other sustainabilitybusiness news, go to .