Earth Equity News

House Democrats Present Green Energy Tax Proposal. By H. Josef Hebert, AP, September 16, 2008. "House Democrats outlined $18 billion in tax incentives over 10 years for alternative energy and efficiency improvements Monday, proposing to pay for them by rescinding tax breaks for the biggest oil companies. The tax package is expected to be included in an energy bill later in the week that also would lift the sweeping federal bans on offshore oil and gas drilling off the Pacific and Atlantic coasts. The legislation would open, wherever a state agrees, waters at least 50 miles from shore from New England to Washington State. An exception would be waters off Florida's western coast where energy development would continue to be banned. The tax provisions are similar to those that passed the House earlier this year, but not the Senate. The proposal would extend tax credits for wind and solar industries that are scheduled to expire this year and provide a variety of tax incentives to spur development of alternative non-fossil energy resources such as cellulosic ethanol and other biofuels. It would provide tax incentives to people wanting to put solar panels or mini-wind turbines on their homes, and to companies that encourage bicycle commuting by making available bike storage areas. To pay for the new tax incentives, House Democrats want to roll back a pair of tax breaks enjoyed by the five largest oil companies. One was enacted to benefit all domestic manufacturers against foreign competition and the other involves tax credits claimed by U.S. oil companies for oil pumped overseas."