H.R. 6049 (warning, PDF) was passed today: Renewable Energy and Job Creation Act of 2008 which gives us tax incentives to the tune of 18 billion dollars for
“investment in renewable energy, carbon capture and sequestration demonstration projects, energy efficiency and conservationâ€.
It also provides for extensions on expiring tax breaks, 37 billion worth, that have absolutely nothing to do with Renewable energy. I support most of them, but come on…It’s hard enough to get these things passed as it is.
The bill grants an extension on the “placed in service date†for a number of types of renewable and alternative energy services receiving a tax break in the previous bill that were set to expire and extends the tax credits available to solar, fuel and micro-turbines and extends this credit to public utilities.
In addition, the bill extends the credit for residential solar till the end of 2014
On the transportation front (I’m a car guy, so this is where it matters to me) we get an expansion of benefits for cellulosic alcohol, biodiesel production including a greater credit for B100 over blends.
We get a new plug in electric vehicle credit, some incentives on improvements on big trucks, fringe benefits for bicycle commuters, and tax breaks for alternative refueling stations until 2010.
All in all it’s a good bill, and it passed but a surprising number of our representatives voted against it. In fact, here you can find out if your congresscritter voted for it, and here for your senator. If you disagree with their vote, let them know.