House seeks tax incentives for renewable energy

[jpak]

http://www.reuters.com/article/politicsNews/idUSN0451079320071204?pageNumber=1&virtualBrandChannel=0

WASHINGTON (Reuters) - Democrats in the House of Representatives want to include provisions in pending energy legislation that would strip about $21 billion in tax subsidies from oil and gas companies and put them toward subsidies for renewable energy sources like wind and solar.

Democrats are still drafting the energy package, which also will include a boost in automobile fuel efficiency standards and requirements to use more renewable fuel sources like ethanol.

According to a letter sent to Democrats by House leadership on Tuesday, the bill will include a controversial tax package that was included in a bill the House passed this summer. The bill still must be finalized before a vote, which is expected on Wednesday or Thursday.

According to the letter, the bill "strengthens and extends existing renewable energy tax credits, including solar, wind, biomass, geothermal, hydro, landfill gas and trash combustion, while creating new incentives for the use and production of renewable energy.".

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