House Debating Oil-For-Renewables Package Today

Posted by Brad Johnson Wed, 27 Feb 2008 17:11:00 GMT

From the beginning of her tenure, Speaker Nancy Pelosi (D-Calif.) has attempted to pass legislation cutting billions in tax breaks and royalty payments to oil and gas companies to invest in renewable energy and energy efficiency. The legislation has died twice by a single vote in the Senate – in December as part of the energy bill (H.R. 6), and three weeks ago as part of the economic stimulus legislation (H.R. 5140).

House leadership announced plans to immediately reintroduce the legislation as a standalone bill, named the Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351).

Debate on the bill is now taking place, with a final vote scheduled for some time after 3 PM EST.

Update: HR 5351 passed by a roll call vote of 236-182. 17 Republicans joined the Democratic majority; 8 Democrats (Barrow, Boren, Cuellar, Gene Green, Lampson, Melancon, Ortiz, Rodriguez) voted against passage.

CRS summary:
Extends: (1) the tax credit for production of electricity from renewable resources through 2011; (2) the energy tax credit for solar energy and fuel cell property through 2016; (3) the special rule for treatment of gain from electronic transmission transactions by certain electric utilities through 2009; (4) the tax credit for residential energy efficient property expenditures through 2014; (5) the tax credit for alternative fuel vehicle refueling property expenditures through 2010; (6) the tax credit for biodiesel and renewable diesel used as fuel through 2010; (7) the tax credit for nonbusiness energy property expenditures through 2009; and (8) the tax deduction for energy efficient commercial buildings through 2013.

Allows new tax credits for: (1) investment in new clean renewable energy bonds and qualified energy conservation bonds; and (2) the production of plug-in hybrid motor vehicles, cellulosic alcohol fuel, and electricity from marine and hydrokinetic renewable energy sources.

Revises the definition of “passenger automobile” for purposes of the limitation on depreciation deductions.

Allows a tax exclusion for bicycle commuting reimbursements.

Revises certain tax incentives for investment in the New York Liberty Zone.

Revises tax credit amounts for certain energy efficient household appliances produced after 2007.

Allows a five-year recovery period for the depreciation of qualified energy management devices.

Places limits on the tax deduction for income attributable to the domestic production of oil, natural gas, and any related products.

Revises tax rules relating to foreign oil and gas extraction income and foreign produced fuel used or sold outside the United States.

Sierra Club Takes McCain to Task for "Lie" about Clean-Energy Non-Vote

Posted by Brad Johnson Sat, 09 Feb 2008 21:56:00 GMT

Following the one-vote failure on Wednesday of S. Amdt 3983 to H.R. 5140, the Senate stimulus package that contained $5.6 billion in “green” incentives, various environmental organizations, including the Sierra Club, called Sen. John McCain (R-Ariz.) for missing the vote.

On Thursday, the Sierra Club asked its members to call McCain’s office to ask “why he failed to show up for a vote that could have determined the future of green energy in America.”

Today, Executive Director Carl Pope blistered the office response to member calls in a blog post entitled John McCain Should Be Ashamed.

Immediately, people begin calling and emailing me, saying, “The Senator’s office says he voted for clean energy, and that your alert is wrong.” We check. He didn’t. We call his office. Stunningly, his staff has been coached to mislead callers. “That’s not true at all,” they say, “he voted for the bill yesterday.” Well, he voted, yesterday, but for a different bill. However we phrase the question, we get a lie. “No, if he had voted for the bill, it would not have passed. That was purely procedural.” But McCain’s staff knows that if cloture had been invoked, passage of the bill would then only require 51 votes, and the bill with clean energy would have passed. [Ed.- emphasis added.]

Senate Stimulus Package Filibustered by One Vote 4

Posted by Brad Johnson Wed, 06 Feb 2008 23:28:00 GMT

By a roll call vote of 58-41, Senate Democrats failed to muster the 60 votes needed to prevent a filibuster threatened by Republicans of the Senate’s version of the stimulus package (S. Amdt 3983 to H.R. 5140). The package differed from the House version by including:
  • expanded tax-rebate eligibility for low-income seniors, disabled veterans and married couples
  • a 13-week extension of unemployment benefits
  • additional LI-HEAP funding
  • $5.6 billion in renewable energy and energy efficiency incentives
  • tax breaks for coal companies

This is the second time a renewal of the renewable production tax credits has failed by one vote in the Senate.

All Democrats, including Sen. Mary Landrieu (D-La.), who voted against the production-tax-credit package in the 2007 Energy Bill, voted for the Senate version (except for Sen. Reid, who cast a procedural vote against the package when it was evident cloture would fail).

Republican senators Collins, Snowe, Smith, Coleman, Grassley, Dole, and Domenici voted in favor of the package. All but Snowe (Maine) and Grassley (Iowa) are up for reelection this year, although Domenici has announced his intention to retire.

Sen. John McCain was the one senator not in attendance.

Friends of the Earth and David Roberts at Grist have singled out John McCain for the failure.