Congress Tries Again To Extend Solar Tax Credits

[jpak]

http://www.forbes.com/business/energy/2008/02/18/solar-renewable-energy-markets-equity-cx_cg_0218markets16.html

Congress is about to embark on yet another attempt to override a potential veto by President Bush and extend and enhance renewable energy tax credits. But they still hope to pay for it by subtracting from the oil and gas industry's tax credits.

Last week Rep. Charles Rangel (D-NY) and Democratic colleagues launched a bill that would extend the current 30% commercial investment tax credit for eight years, while the cap on residential tax credits would be increased to $4,000 from $2,000 and would be extended for six years.

It would also remove an existing limitation that prevents public utilities from claiming the commercial tax credit.

When solar credits were left out of the December energy bill, both House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid vowed to reintroduce them in early 2008.

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