9-26-08 by dugan
Friday update: The House passed its version of the renewable energy tax credit, but it’s still a long shot that the Senate will accept all the changes: three bills instead of one, and different financing that drew a White House veto threat. The depth of failure in not renewing these credits is immeasurable, as scientific alarm over the level of global warming notches up several steps.
The crucial tax credits for renewable wind and solar power have never been a certainty, with Congress renewing them one year and not the next, turning on and off the investment spigot. The credits’ only major enemies are the White House and the petroleum lobby (which could lose some tax credits of their own to fund renewables).
The fate of the credits is now up to oil’s old and loyal friends in the Senate and Oval office. Don’t hold your breath.