| Renewed Life For Renewable Energy |
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| Written by Samantha Hulkower | |
| Friday, 16 May 2008 | |
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Well, it looks like quite a few Representatives took our suggestion seriously the other day and have been getting busy pushing a renewable energy tax credit bill through the House. The bill passed handily in the Ways and Means committee and may be brought to the floor as soon as next week. The bill contains all sorts of good things, including an extension of renewable energy production tax credits for wind, biomass, and geothermal energy; investment tax credits to stimulate funds going to solar power, plug-in hybrid-electric vehicles, and "renewable" diesel, whatever that is. It also gives tax credits to state and local governments looking to issue bonds to invest in energy development and infrastructure. But that's not all. The Energy and Tax Credit Extenders Act of 2008 contains provisions that have nothing to do with energy, tax credits or extensions. To fund the tax incentives, the bill ends some tax breaks for hedge funds and multinational corporations. There is also tax relief for the poor (what with the cost of living being unaffordable these days), money for public schools, incentives for that oxymoron "clean coal" technology, and the timely appropriation of funds to help with the post-Katrina clean up and money for mass transit infrastructure damaged in New York City on September 11. Considering the President is adamant about vetoing the pork-heavy Farm Bill, we're sure he won't be too happy with this bill either. There's also those super rich hedge funds and corporations who don't like having to actually pay their taxes in full like the rest of us plebeians, so be sure to check out the C-SPAN coverage of the debates once the bill goes to the floor. It'll be fun trying to decide which billionaires the opponents of the bill are acting on behalf of.
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Why aren't micro hydro systems included in renewable energy credits? I wonder this every time I do my taxes.
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Yeah, OK, we can be the change that we want to see in the world. But unless powerful people in powerful positions want to be that change as well, nothing's going to change.
So now, finally, there's a place where you can go for news and analysis of politics from an environmental perspective.
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