Thursday April 3rd, the Senate voted 88-8 to extend the renewable energy tax credits, however its not likely to pass the House of Representatives.
The House has expressed that they dont care for the new energy credit due to the nation’s deficit, and the program’s projected 6 billioin dollar over 10 year price tag. This would have extended the benefits until 2016
The original plan was to tax big oil, however some representatives voiced concern that the tax burden on big oil companies would be too much. Remember that as you hear the news stories of Exxon posting record profits.
A lot of other credits would be extended, including those for producing energy efficient appliances and residential purchase of solar hot water heaters.
On the good side (for some people) Stocks in the major solar companies on average rose 7% at the same time.
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