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Renewable energy tax bill advances in House
|Legislation that would renew billions of dollars in tax breaks for solar, wind, biomass and other renewable energy sources and extend a proposed new tax credit for ethanol fuels not produced from corn advanced in the U.S. House of Representatives on Thursday.|
The bill approved by the Ways and Means Committee by a vote of 25-12 would extend about $54 billion in expiring tax breaks for renewable energy sources, education and a number of business expenses including research and development.
It would also extend federal tax deductions for state and local sales taxes.
Tax breaks for investment in coal gasification projects would also be expanded under the legislation, which comes as oil hit a record just below $127 a barrel this week and hovered above $124 a barrel on Thursday.
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