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Congress passes Clean Energy Tax credits

11 Apr 08 | Commentary

Much to the credit of the Senate, who, by a 88-8 vote passed the language of Cantwell-Ensign bill as a part of another, less important thing about housing or something. All I can say is YAAAAHOOO!

This is indeed good news for all of us who have been collectively holding our breath since last December when the first attempts were made to pass an extension on the renewable energy tax credits.

The bill now needs to go to the house, where it may be sliced and diced, but I am optimistic as the house has been friendly in the recent past to the renewable energy tax credits.

What this bill does:

  1. extend the investment tax credit for commercial solar power installations for 8 years
  2. extend the residential solar investment tax credit for one year and remove the current $2000 credit cap
  3. remove the exemption on utilities for claiming these tax credits
  4. allow the tax credit to offset alternative minimum tax
  5. extend incentives for energy efficiency improvements

What this bill does not do:

  1. Penalize the big oil companies for making too much money by removing their subsides
  2. Establish where the money will come from for the 6 billion in subsides noted above

I can live with that and hope that next year, a long range renewable energy bill is passed.

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11 Apr 08 | Commentary
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