*NEWS*RENEWABLE ENERGY TAX BILL FAILS

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*NEWS*RENEWABLE ENERGY TAX BILL FAILS

 user 2007-06-22 at 11:38:00 am Views: 73
  • #18174

    Renewable Energy Tax Breaks Fail in Senate
    WASHINGTON JUNE 07- Senate Republicans on Thursday blocked a $32 billion package of tax breaks for renewable energy that would have been financed mostly by new taxes on major oil companies.
    Democrats came three votes short of overcoming a threatened GOP filibuster that was keeping the measure from being attached to a broader energy bill. Republican senators argued that the nearly $29 billion in additional taxes on major oil companies would have led to reduced production and higher gasoline prices.Because of Republican opposition, Democrats needed 60 votes to allow the $32 billion tax package to come up for a vote, but fell short, 57-36. With a number of senators not voting, Democrats could resurrect the measure later, though there was no immediate indication of that.The tax proposal had some bipartisan support, but also attracted sharp criticism from many Republican senators who lined up against it.Senate Majority Leader Harry Reid, D-Nev., said he intends to proceed with consideration of the energy legislation with or without the tax measures. “There are still good things in the bill,” he told reporters before the floor vote.