May 15, 2008

After defeating more than a dozen amendments, the House Ways and Means Committee voted 25-12 on a largely partisan basis May 15 to approve a $57 billion bill that would extend the wind energy production tax credit, solar energy investment tax credit, energy efficient commercial building deduction and  make a number of other changes throughout the Tax Code, to the Bureau of National Affairs.

The Energy and Tax Incentives Act of 2008 (H.R. 6049) includes $16.9 billion in energy tax incentives; $27.1 billion to extend the three dozen expired and expiring temporary tax provisions including the research and development tax credit and the Subpart F active financing exception; and another $10 billion to cover the expansion of the refundable child tax credit, a new standard deduction for property taxes, relief for alternative minimum tax taxpayers who have exercised incentive stock options, and other measures.

The legislation is expected to be on the House floor the week of May 19. 

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