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  House v. Senate: The Debate over H.R. 7060

  Thank you for your concise, yet informative coverage of the ongoing legislative battle to pass the Renewable Energy and Job Creation Tax Act of 2008. H.R. 7060 is a bill that I feel is of seminal importance to both our Nation's economy and security, as incentives for the growth of renewable energy can provide jobs and lessen our dependence on foreign oil. It is indeed frustrating that the bill passed through the Senate earlier last week but was then revised by the House. This is especially true since it was emphasized by the bill's proponents in the Senate that the bill pass without amendments. I agree with your conclusion that given this obvious roadblock, it is indeed unclear as to what the future holds for this bill. This is especially true given the nature of our economy's financial crisis.

  The proposed $17 billion for the energy tax measure is a relatively small figure for spending when compared to the proposed $700 billion to resuscitate our failing financial institutions. The American economy is indeed in trouble, but there is a distinct possibility that providing funding for renewable energy industries would help prop up our economy. It was reported by Bloomberg correspondent Daniel Whitten that solar companies such as First solar Inc. and Suntech Power Holdings Co. would "create 441,000 permanent jobs and inject $232 billion in new spending into the economy by 2016." These are significant growth figures. We should be learning from the mistakes that brought us into our financial crisis. There must be greater emphasis on Green-tech and alternative energy companies within the American economy.

  It is disappointing to see a piece of legislation with such promise look as though it may be shot down as a result of squabbling over who will bear the bill's cost. I find it disheartening that interest groups have such influence over matters imperative to both our economy and the environment. For instance, the objection to scaling back tax breaks for oil companies with foreign interests as a way to pay for renewable energy credits was obviously a reflection of House Republican's defense of their oil lobbyist's interests.

  I hope that despite the focus on the proposal to spend $700 billion to bail out our financial institutions, the Senate and House can come to an agreement that will support and advance the renewable energy industry. If passing this legislation does not happen by the end of the year, the investment tax credits will expire, almost certainly crippling companies devoted to the advancement of renewable energies such as solar and wind.
  On Renewable tax credits pass again in House, but changes to the plan may kill it in the Senate posted 1 year, 1 month ago 3 Responses