Senate passes extension of wind and solar credits but measure still requires House approval
After eight failed attempts, the Senate finally approved a bill to extend tax credits for renewable energy generation from sources like wind, solar and geothermal. Additionally, the proposed bill provides incentives to decrease energy consumption by both businesses and private residences, through credits for things such as installing solar panels.
The tax credits will cost the government around $18 billion, which is slated to be made up by an increase in taxes on the oil industry. But don’t feel too bad for the oil producers, as they’ve also been given a carrot in this proposal, which would allow them to write off costs incurred from the production of oil from shale and tar sands. Additionally, the bill gives a tax credit, ranging from $2,500 to $7,500, to private citizens who purchase electric vehicles. The measure must now pass the House, and be signed by the president, who has indicated his support.
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