House passes bill not to Bush’s liking, endangering tax credits for renewables
The House of Representatives on Friday passed a bill to extend billions of dollars in renewable-energy tax credits — an action that may mean the tax credits don’t get extended at all. Confused? Let us explain. The House bill, like its Senate counterpart, would extend tax credits for wind energy, residential and industrial solar power, and plug-in electrical vehicles. But the bills differ on the specific tax breaks involved and how they would be paid for. President Bush has already said he would sign the Senate bill, which also includes tax breaks for oil shale production and other dirty energy sources, but he has threatened to veto the House version. Unless the two chambers can hash out a compromise over the weekend, extension of renewable-energy tax credits will remain in limbo until a post-election lame-duck session. The uncertainty of it all makes renewable-energy companies mighty nervous, as their industries face a significant blow — to the point of a near-shutdown — if the incentives are not extended.