Despite the 93-2 Senate vote for a $17 billion energy tax package, extending renewable energy tax credits, on Tuesday, September 23, skepticism exists as to the measure’s success when presented to the House, with its differing energy tax package, next week.

The energy incentives are part of H.R. 6049 and extend the Investment Tax Credit (ITC) and the energy Production Tax Credit (PTC), which would give businesses and individuals tax credits for the use of solar, wind, geothermal and ocean energy.  Both the ITC and PTC expire December 31, 2008 and while many are optimistic about the measure after yesterday’s vote, a lot of work remains to garner the support of the House.  Some House members have balked that the tax extenders bill violates that “pay as you go” or paygo principle.

For further information about this topic, please contact Akin Gump.