The U.S. House for the third time in more than a year has approved new taxes on the oil industry to pay for incentives for renewable energy and efficiency. The $18 billion tax package that would rescind a tax break for the five biggest oil companies and use the revenue to boost incentives for wind and solar energy and energy efficiency.
Called the Renewable Energy and Energy Conservation Act of 2008, the new bill includes many energy incentives for doing energy-saving things like energy tax credits for plug-in hybrid cars and for solar and fuel cell property.
Other incentives would include:
- Extension and modification of renewable energy credit
- Production credit for electricity produced from marine renewables
- Extension and modification of energy credit
- New clean renewable energy bonds
The White House has threatened to veto this bill, and it is now being sent to the Senate to be approved or denied.
To learn more about the incentives being proposed by the 2008 Energy Tax Bill, you can go here: http://thomas.loc.gov/cgi-bin/query/z?c110:H.R.5351:
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