Friday, September 26, 2008

Credits where credits are due The Senate today overwhelmingly approved a massive tax package that mashes together incentives for renewable energy with support for traditional energy sources less beloved by environmental groups. The Energy Improvement and Extension Act of 2008, sponsored by Sens. Max Baucus (D-Mont.) and Charles Grassley (R-Iowa), would extend the investment tax credit for solar energy for eight years. It would extend the production tax credit (PTC) for wind for one year, and the PTC for solar, biomass, and hydropower for two years. The residential energy-efficient property credit would be extended through 2016, and the definition of the systems that qualify for that credit would be expanded to include small wind investment and geothermal heat pumps. The bill also includes provisions for carbon capture and sequestration, oil shale, tar sands, and coal-to-liquid fuels, which enviros are much less happy about....

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