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Senate acts to extend renewable energy incentives (April 4, 2008)

Senate acts to extend renewable energy incentives. By a vote of 88-8, the Senate yesterday (April 10) approved extending a variety of tax incentives to encourage renewable energy production and energy-efficiency improvements to residential and commercial buildings. The legislation was approved as an amendment to the housing stimulus bill (the "Foreclosure Prevention Act" (H.R. 3221)). The amendment extends the renewable energy production tax credit, clean renewable energy bonds, the efficient commercial buildings tax deduction, the investment tax credit for solar electric and fuel cell systems, the tax credit for energy efficiency upgrades to existing homes, tax credits for the production of efficient home appliances, and the tax credit for construction of efficient new homes.

The amendment was based upon a bill, the "Clean Energy Tax Stimulus Act of 2008" (S. 2821), introduced last week by Sens. Maria Cantwell (WA) and John Ensign (NV). On April 9, FCNL sent a letter to the Senate urging support for S. 2821, and FCNL joined a sign on letter with dozens of environmental and business groups urging quick action this year.

The House passed a much more comprehensive bill, the "Renewable Energy and Energy Conservation Tax Act" (H.R. 5351), in February, as reported in our March 17 update.

The future of this legislation is highly uncertain. The House and Senate bills are very different. The Senate bill does not contain provisions to pay for the tax credits, while the House bill would pay for its tax incentives by ending some tax preferences for large oil companies. The House is likely to insist on paying for the tax credits, but the Senate does not have the super-majority needed to end tax preferences for oil companies, and President Bush has promised to veto any bill that contains these provisions.

Check out our new blog. Read "Tilting at the Wrong Windmills," Ned's recent entry about how to pay for these tax incentives in FCNL's new blog "Green Light on Washington"

Please contact your legislators.Urge them to move ahead quickly to reconcile the House and Senate energy tax incentive bills. Congress needs to act now to help move the slowing U.S. economy forward toward a clean energy future and a safer climate.

Elect climate-friendly legislators (CFLs). For a little tongue-in-cheek humor and a great flyer for Earth Day gatherings, check out FCNL's new flyer. The most powerful CFL is the one you put in Congress!