RENEWABLE ENERGY TAX BILL FAILS IN SENATE

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RENEWABLE ENERGY TAX BILL FAILS IN SENATE

 user 2007-06-22 at 11:48:00 am Views: 61
  • #18063

    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.