NewEnergyNews: HOUSE ENERGY BILL COMING TO FLOOR

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    Monday, February 25, 2008

    HOUSE ENERGY BILL COMING TO FLOOR

    This is essentially the same bill passed in 2007 by the House and rejected by the Senate. It shifts billions in fossil fuels industries subsidies and tax breaks that the NY Times called ‘…wholly unnecessary…” to New Energy for vital tax credit extensions.

    The Senate defeat came not because a majority of senators opposed the benefits for New Energy or the cuts for Old Energy but because the Senate’s filibuster rule requires a super majority of 60 votes and New Energy could only muster 59. As AWEA’a Bree Raum pointed out, “60 is the new 51.”

    Certainly Raum would urgently remind readers to let their elected representatives in the House and the Senate know they support the energy bill’s extension of New Energy incentives by clicking through to
    POWER OF WIND.

    Doesn't look like there's a dead end there but the New Energy incentives seem to keep finding it. (click to enlarge)

    House to vote next week on energy tax bill
    Tom Doggett (w/ Marguerita Choy), February 21, 2008 (Reuters via Yahoo News)

    WHO
    The House of Representatives (Speaker of the House Nancy Pelosi (D-Calif), Chairman of the House Ways and Means Committee Charles Rangel (D-NY)

    WHAT
    Speaker Pelosi and other leaders announced they are ready to bring the House energy bill to the floor for a vote.

    WHEN
    - The vote will come the week of February 25 – 29.
    - If the production tax credits (PTCs) and investment tax credits (ITCs) are not extended legislatively, they will expire at the end of 2008.

    WHERE
    The House bill finances the incentives it provides for New Energy by shifting billions in subsidies and tax breaks away from the fossil fuels industries, in particular the oil and gas industry.

    Messages from constituents matter. (click to enlarge)

    WHY
    - The incentives are for wind, solar, ocean, geothermal, cellulosic ethanol, biofuels and other New Energy sources. There is also a $4,000 tax credit for purchasers of plug-in hybrid electric vehicles and tax benefits for buying energy efficient appliances.
    - The benefits withdrawn from the oil and gas industry include a deduction for domestic production and a deduction for production taxed in foreign countries.

    QUOTES
    - Speaker Pelosi: "With the price of oil above $100 a barrel, this Congress is again taking action to reduce our dependence on foreign oil and support the domestic production of renewable energy…"
    - Chairman Rangel: "The American taxpayer should not be subsidizing oil and gas companies during times of record profits and record prices at the pump…"

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