Thursday, June 30, 2005

Senate Energy Bill Filled with Tax Incentives

H.R. 6, the Energy Bill, passed the Senate 85-12. Among tax incentives included are those for increasing refinery capacity; clean coal tax credits for business; business and residential credits for alternative fuel sources such as solar power; credits for rental home owners for efficient air conditioners and refrigerators and credits to residential home owners for efficient dishwashers and refrigerators. Clearly, the Senators were trying to accomplish environmental as well as energy goals.

A number of questions arise here: [1] How many of these incentives will survive conference committee?, [2] How will these incentives fit with President Bush's tax reform (and presumably simplification) goals, [3] (in connection with [2]) will Bush sign off on the new incentives?


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