Renewable Energy Tax Package Removed From U.S. Energy Bill

NAW Staff, Friday 22 June 2007 - 10:46:03

By a vote of 65-27, the U.S. Senate passed S.6, the National Energy and Environmental Security Act of 2007, which includes a mandated increase in the use of ethanol and new fuel-efficiency standards.

However, an energy tax package that would have extended production tax credits for the development of wind power and other forms of renewable energy - as well as introduced numerous new financial incentives and offsets - was dropped from the bill’s final version. The $32 billion package, previously approved 15-5 by the Senate Finance Committee, also included a repeal of tax credits for major gas and oil companies' domestic manufacturing activities, the Senate Finance Committee noted.

"It is unfortunate that in passing this bill, the Administration and most Senate Republicans blocked an effort to require more of our nation's electricity to come from renewable sources as well as incentives to spur the production of more renewable fuels right here in America," Sen. Harry Reid, D-Nev., stated in a press release.



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