Wednesday, June 20, 2007

Senate Finance Committee Approves $32 billion Energy Tax Package

Update: (6-21-07) The tax package failed on a Cloture vote. Only one more vote was need to invoke Cloture and some members were not present, so this measure might be revisited in the Senate and added to the June 21-jpassed H.R. 6, Clean Energy Act of 2007, which now moves to a Conference Committee with the House to hammer out a reconciliation.

Senator Max Baucus, right, is Chairman of the Senate Finace Committee, which just passed a $32 billion tax package (Energy Advancement and Investment Act of 2007) that includes incentives for renewable fuels and alternative vehicles. The package would be financed by taking away some ot the oil and gas incentives. And you are worried about high gasoline prices now! The package specifically includes incentives for renewable electricity initiatives, including credits for solar, wind and microturbine projects. The package also has incentives for biofuels, increasing refinery capacity and refining more fuel from oil shale and tar sands. (Committee Press Release)

The House also has additional energy legislation pending: 1) House Committe on Natural Resources Chairman Nick Rahalls Energy Policy Reform and Revitalization Act of 2007 (H.R. 2337) and 2) House Majority Leader Nancy Pelosi and House Committee Chairman John Dingell Discussion Draft.

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