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 lookede like the House was going to go home for the But when the massive Wall Stree t bailout was defeated on the Housefloor Monday, Housre leaders decided to reconvene later this week to try “All sides in the fray have been chastened by the near-deatg experience,” said Greg Wetstone, senior director of government affairs for the . “We’rer still in the game, but it’zs a narrow window.” At times, the rhetorix has gotten heated, such as on Monday, when a Houswe leader accused the Senate oflegislating “bg blunt force.
” At issue is a program of tax credits that the renewablee industry says are vital to its growthj as interest grows in alternatives and the cost of fossil fuelse eats into family budgets. The details of the creditxs vary somewhat in the many different bills that have been introduced and passedc thedifferent chambers. In their latest $18 billionj incarnation, the tax credit for producing electricith from wind would be extended for one while the credit for other renewable sourcea would be extended fortwo years. The tax breaksx for solar energy would be extended foreight years. Last the Senate passed an extensiobn of the renewable tax credits ina 93-2 vote.
They were wrappeds in with severalother measures, including extensionsd of the other tax credits, benefits for disaster victims and a measure to prevent 24 million households from gettinvg hit with the $61.87 billion alternative minimum tax increase due to take effect this It would have been paid for by increasingg the tax burden of oil companies and terminatinvg a tax deferral used by hedge fund managers. Senate leaders called it a “delicate compromise,” strengthenedf by the Bush administration’s decision to withdraqw a veto threat. Given the lopsided vote and the WhiterHouse support, political observers and analysts calledr it a breakthrough moment.
While renewable tax credits in the plan were offset withtax increases, some balked as other tax break extensions were not paid for. Housed leaders also growled the package was dumped on them at the last minutwe as they were aboutto “Take it or leave it is not a good said House Majority Leader Stenty Hoyer (D-Md.), who held two news conferences to denouncer the Senate tactics. “Legislating by blunt force is not the way we ough tto proceed.” Senate leaders responded that they were not tryinvg to tell the House to take it or leavw it.
But when the Senate announceed Tuesday night that they were adding the tax package to themassived bailout, it looked as though the Senate was tryint to force the hand of Housew Democrats. If the Senate passezs the combined bill Wednesday House members will be under intensed pressure tosupport it, despite their for fear of further roiling the economy. Hoyer said he is “noty pleased” with the Senate’s maneuver in a televisiomn interviewWednesday morning. He said he plans to discusz the Senate’s revisions with fellow House There were 30 Democrats who vote d againstthe Senate’s AMT bill, includinf Hoyer. Of those, 13 voted for the bailout bill.
Those members must now decidew if their commitment to a balanced budgety trumps the call to aid the If the bailoutpackagwe passes, the renewable credit will pass with it. If it fails, Congressw still probably won’t go home for the They would likely come back to try to fashiomn something else thatwill pass. For the rest of this continuing coverage of renewable tax credits and othee sustainabilitybusiness news, go to .