Clean Tech Taxcess TrackerYour Update on Energy Tax Legislation |
|
Date: June 16, 2010
Senate Finance Committee Chairman Max Baucus, D-Mont., released this evening a revised substitute amendment to the tax extenders legislation (H.R. 4213) passed by the House on May 28. The Senate version would still retroactively extend for one year numerous expired tax provisions including the new energy efficient home credit under section 45L and the production tax credit for diesel fuel created from biomass, among numerous others. The legislation would also still permit grants in lieu of the section 45M credit for purchases of energy-efficient appliances for 2009 and 2010.
Earlier today, the previous Baucus substitute -- introduced on June 8 -- did not pass a procedural vote and was subsequently withdrawn. Taxwriters revised that draft in hopes of attracting enough senators for final passage.
Debate on this measure could slip into the week of June 21. It is expected that a bill approved by the Senate will make changes to the House-passed measure, which will require the House to reconsider the legislation. Democratic leaders still hope to send a final bill to the President before leaving for the July 4 recess.
Follow this link to the statutory language of the new Baucus substitute amendment.
Please contact either Scott Smith or Lori Wren Elerts if you have any questions or need additional information.
