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FINANCE COMMITTEE SENDS ENERGY TAX PACKAGE TO FULL SENATE, HOUSE COMMITTEE TO CONSIDER ITS VERSION TODAY

Wednesday, June 20, 2007 - 7:00AM

By a vote of 15 to 5, the Senate Finance Committee yesterday approved an updated package of energy tax incentives for consideration by the full Senate. The package has a five-year extension of the clean energy production tax credit, establishes new tax credits to encourage sequestration of carbon emissions from coal projects, and extends tax incentives for solar, wind and microturbine energy projects. Committee Chair Sen. Max Baucus, D-Mont., last night offered the package as an amendment to H.R. 6, the CLEAN Energy Act of 2007, currently on the Senate floor.

Meanwhile, House Ways and Means Committee Chairman Rep. Charles Rangel, D-N.Y., yesterday introduced H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007, which extends the 30 percent investment tax credit for solar energy property and qualified fuel cell property for eight years. The measure also extends the placed-in-service date for four years for qualifying wind and other facilities; it also adds a new category of qualifying facilities -- facilities that generate electricity from marine renewables (e.g., waves and tides). H.R. 2776 is scheduled for consideration before the full committee today. Click here for the Joint Committee on Taxation’s description of the measure and estimated revenue effects.

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