Congressional Round-up: The Senate is expected to approve any day an amendment to the housing bill that would extend tax credits for renewable energy and efficiency. The $6 billion amendment by Sens. Maria Cantwell (D-Wash.) and John Ensign (R-Nev.) is an effort to provide short-term extensions for the credits that will expire this year. The amendment provides:
• a 1-year extension of the renewable power production credit
• an 8-year extension of the solar energy investment tax credit
• 1- and 2-year extensions on credits for building efficiency and some energy-efficient appliances.
Because of opposition in the Senate to paying for the credits by repealing benefits on oil and gas, this amendment shows no balancing source of revenue. That could cause problems in the House, where Speaker Nancy Pelosi (D-Calif.) has said she wants to adhere to a pay-as-you-go rule. The House in February passed a much larger bill that included oil tax credit repeal, but it was narrowly rejected by the Senate and the White House threatened to veto it. A veto could be a problem here as well, because President Bush has problems with the housing bill to which it would be attached. In case this doesn’t work out, Senate Finance Chair Max Baucus (D-Mont.) is busy preparing yet another alternative energy tax package. Renewable energy companies have been lobbying hard, fearful that the tax breaks fueling their boom will go away. Renewables need all the help they can get to make a dent in the nation's dependency on carbon-emitting fossil fuels.(E&E News PM)
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