Senate Tacks Tax Extenders Onto Bailout Bill 1

Posted by Brad Johnson Wed, 01 Oct 2008 15:11:00 GMT

The Senate is attaching their version of H.R. 6049 to the bailout bill they plan to vote on this evening.

The New York Times reports:

Senate leaders scheduled a Wednesday vote on a $700 billion financial bailout package after accepting tax breaks and a higher limit for insured bank deposits in a bid to win House approval and send legislation to President Bush by the end of the week. . . The Senate proposal would cost more than $100 billion and extend and expand many individual and business tax breaks, including tax credits for the production and use of renewable energy sources, like solar energy and wind power.

The bill would also extend the business tax credit for research and development, expand the child tax credit, protect millions of families from the alternative minimum tax and provide tax relief to victims of recent floods, tornadoes and severe storms.

Climate Progress has more.