Lawmakers okay ($20 billion in) energy tax breaks in Obama plan

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http://uk.reuters.com/article/environmentNews/idUKTRE50L7BC20090122?pageNumber=1&virtualBrandChannel=0%27

Lawmakers okay energy tax breaks in Obama plan

Thu Jan 22, 2009 10:21pm GMT

By Tom Doggett

WASHINGTON (Reuters) - The U.S. House Ways and Means Committee on Thursday approved $20 billion in energy tax credits and related financial incentives that are part of the Obama administration's plan to revive the American economy.

The legislation's energy tax breaks would benefit the wind and solar energy industries, encourage energy-efficiency improvements to existing homes and help service stations recoup their costs for installing alternative energy pumps.

The economic stimulus package would extend by three years, to the end of 2012, the date that wind facilities would have to be in place to be eligible for the federal renewable energy production tax credit.

Other qualifying facilities that generate electricity from renewable energy sources, such as biomass, geothermal, small irrigation, hydropower, landfill gas and ocean currents, would also have an extra three years through the end of 2013 to be in service to get the same production tax credit.

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