Future of Renewable Energy Tax Credits Uncertain

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WASHINGTON, D.C. -- The Senate voted Tuesday to extend renewable tax credits before they expire at the end of the year, and today a slightly different bill has passed the House. Now the two chambers of Congress must work together to put an energy tax package on the President's desk before adjourning the session for the November elections.

The Senate and House packages are different. The House bill doesn't include tax incentives for fossil fuels, such as for refineries to process oil from shale and tar sands or coal-to-fuel projects, Reuters reported.

The two packages have in common one-year production tax credits for wind energy and eight-year tax credits for solar energy projects. Homeowners would enjoy 30 percent tax breaks for eight years to add residential solar energy installations, and plug-in hybrid purchases also would receive some tax relief.

Limited tax breaks for oil and gas companies would fund the bills.

House members urged the Senate for flexibility. The White House, preferring the Senate package, which is part of a larger bill increasing the income level for the American Minimum Tax, warned it would veto the House version of the bill.

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