Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Charles Rangel, D-N.Y., unveiled a $21 billion package of energy tax legislation that Congress will consider this year, although opposition is expected from the White House as the bill would raise taxes on major oil and gas producers.
The House is expected to vote this week on the package, known as the Clean Renewable Energy and Conservation Tax Act of 2007. It contains incentives to mitigate carbon emissions, promotes the production of alternative energy, supports the use of alternative vehicles, and encourages energy efficiency.
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