Wednesday, February 27, 2008

Renewable Energy Tax Credit Passes House; Unlikely to Pass Senate or White House Veto

Washington (TGW) – The House today voted to repeal $18 billion in tax breaks for big oil and to use the savings to renew the renewable energy tax credit.

The bill passed 236-182, but is unlikely to make it through the Senate or the threatened White House veto.

"We have the opportunity to invest in clean, renewable energy and energy efficiency and grow our economy, creating new jobs," said House Speaker Nancy Pelosi, D-Calif.

Under the bill, renewable energy projects would receive tax breaks, as would consumers for buying plug-in hybrids.

Via :: CNN