Committee Approves Fast-Tracked Energy & Tax Extenders Act

May 15: According to a release, the House Committee on Ways and Means has again approved bipartisan legislation "to extend vital tax relief to millions of families, strengthen investment opportunities for American businesses and encourage the production and use of renewable energy." The fast-tracked legislation, H.R. 6049, the Energy and Tax Extenders Act of 2008, was introduced by Committee Chairman Charles B. Rangel (D-NY) on May 14 and could be considered by the full House of Representatives as early as this week. H.R. 6049 passed the Committee by a vote of 25-12.

Chairman Rangel said, “This bill would provide critical tax relief to help working families cope with the rising cost of living. Furthermore, this bill would extend vital tax incentives for American businesses to help them invest in new technologies and remain competitive internationally. The legislation would also make an important investment in renewable energy and energy conservation to reduce our dependency on foreign oil. This is a strong, timely, and fiscally responsible tax relief package.”

In addition to providing tax relief for to millions of families, the bill would provide critical tax incentives for businesses to invest in new technology by extending the research and development credit and active financing provisions. The bill would also encourage the use and production of renewable energy through: a six-year extension of the investment tax credit (ITC) for solar energy; three-year extensions of the production tax credit (PTC) for energy derived from biomass, geothermal, hydropower, landfill gas and solid waste; a one-year extension of the PTC for energy derived from wind; tax incentives for coal electricity plants that capture and sequester carbon dioxide; incentives for the production of renewable fuels such as biodiesel and renewable diesel and cellulosic biofuels; incentives to encourage energy efficient products, such as plug-in hybrids cars, and incentives for energy conservation in both commercial buildings and residential structures; and tax credit bonds providing State and local government with funds to make energy conservation investments in public infrastructure and invest in research.

Access a release from Chairman Rangel (click here). Access legislative details for H.R. 6049 (click here). Access a detailed 12-page summary of the cost and revenue provisions of the bill (click here). Access links to additional Committee materials on details of the bill (click here). [*Energy]