The House passes H.R. 7060, “The Renewable Energy and Job Creation Tax Act of 2008,” on Friday, but the White House has threatened to vote the bill if it inclues the offsets and the House’s version doesn’t agree with the Senate’s version. The bill as it stands provides for deduction of state and local sales tax, tuition and other education expenses, out-of-pocket expenses by teaches, and property taxes for non-itemizers. It also expands the refundable child tax credit to taxpayers earning $8,500 a year and enhances depreciation for restaurants.
The renewable energy provisions include an eight-year extension of the investment tax credit for solar energy; 2.75-year extensions of the production tax credit for energy derived from biomass, geothermal, waves and tides, hydropower, landfill gas, and solid waste; a one-year extension of the PTC for energy derived from wind; tax incentives for coal electricity plants that capture and sequester carbon dioxide; incentives for the production of renewable fuels such as biodiesel and renewable; and incentives to encourage energy efficient products, such as plug-in hybrids cars, and incentives for energy conservation in both.
Several energy provisions differ from the Senate’s version of the bill. The House version eliminates a Senate provision that provided a tax credit for rebuilding refineries to process heavy oil produced from tar sands.
“We’ve put together a bill that makes a lot of sense on the issues – tax relief for families and businesses, energy independence and creating new, green jobs for our economy.” Said Ways and Means Committee Chairman Charles B. Rangel, D-N-Y.
Source: http://www.windenergynews.com/content/view/1420/43/ Date: 9-09-08
The renewable energy provisions include an eight-year extension of the investment tax credit for solar energy; 2.75-year extensions of the production tax credit for energy derived from biomass, geothermal, waves and tides, hydropower, landfill gas, and solid waste; a one-year extension of the PTC for energy derived from wind; tax incentives for coal electricity plants that capture and sequester carbon dioxide; incentives for the production of renewable fuels such as biodiesel and renewable; and incentives to encourage energy efficient products, such as plug-in hybrids cars, and incentives for energy conservation in both.
Several energy provisions differ from the Senate’s version of the bill. The House version eliminates a Senate provision that provided a tax credit for rebuilding refineries to process heavy oil produced from tar sands.
“We’ve put together a bill that makes a lot of sense on the issues – tax relief for families and businesses, energy independence and creating new, green jobs for our economy.” Said Ways and Means Committee Chairman Charles B. Rangel, D-N-Y.
Source: http://www.windenergynews.com/content/view/1420/43/ Date: 9-09-08
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