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SENATE COMMITTEE CONSIDERS FIVE-YEAR ENERGY CREDIT EXTENSION

Tuesday, June 19, 2007 - 7:00AM

The Senate Finance Committee this morning met to consider a modified version of a package of energy tax incentives introduced last week. The modified chairman's mark totals approximately $29 billion, up from the original's estimated cost of $13.7 billion because of changes to several of the tax incentive provisions. Among the changes, the modified version would extend the clean energy production tax credit under Section 45 of the Internal Revenue Code for five years instead of two, raising the cost from $5.6 billion over 10 years to $10.1 billion over 10 years. The Joint Committee on Taxation released an updated description of the chairman's modification to the provisions of the "Energy Advancement and Investment Act of 2007" as well as an update to the estimated revenue effects of the measure.

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