$700 Billion Bailout Includes Tax Credits For Renewable Energy Industries
Given the hue and cry that has been unleashed in America with regard to the bailout, there is finally good news for the renewable energy industry. The Emergency Economic Stabilization Act of 2008, passed by the House of Representatives with a vote of 263 to 171, and signed into law by President George Bush immediately afterwards, extends investment and production tax credits for the wind and solar industries. The extensions will be partly paid for by a change in the tax code for the oil and gas industry.
In Thursday night’s Vice Presidential debate, both Sarah Palin and Joe Biden showed their commitment to support the cause of climate change. While Joe Biden weighed in on developing alternative energy resources, Sarah Palin was focused on energy independence for America. One thing is for sure, given the approval of the highly contested bailout bill, and its passage into law, America can definitely move towards energy independence as the tax credits will help create a domestic renewable energy industry.
House Speaker Nancy Pelosi, of California said “This was a part of our energy bill last year; it did not survive the Senate. It now has become a part of this legislation. And it is paid for. We fought hard to include these critical tax cuts … because they are central to job creation.”
The bailout bill was the subject of much scrutiny and attack after the Wall Street crisis emerged early last month. The $700 billion bailout package has been questioned by the government and citizens alike. The bill itself has gone through several revisions and the version passed yesterday is much improved over the version rejected by the House on Monday, September 29th.
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