$32 Billion Renewable Energy Package Goes to Senate Floor

Date: June 15, 2007

Source: News Room

The U.S. Senate Finance Committee led by chairman Sen. Max Baucus (D-Mont.) approved an updated package of energy tax incentives by a vote of 15-5. The measure could cost $32.1 billion. It contains a five-year extension of the tax credit for the production of electricity from wind, geothermal, biomass and other renewable energy resources. It also extends the investment tax credit for business investments in solar, fuel cells and microturbine technology for an additional eight years. And, it modifies the list of fuels eligible for a tax credit to include fuels made from animal waste, such as bio-based compressed natural gas. The tax package goes next to the Senate floor for inclusion in the energy bill already under consideration.

According to Energy Subcommittee Chairman Jeff Bingaman, a collaborator on the amendment, "This bill contains billions of dollars in tax incentives for renewable energy, which will help diversify our sources of domestic electricity generation and reduce our greenhouse gas emissions at the same time."

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