Washington (April 10, 2003) - The Senate Finance Committee has approved Committee chairman Sen. Charles Grassley's comprehensive package of energy tax incentives, including those for production of wind energy and purchase of electric and hydrogen fuel-cell cars.

"Investing in alternative forms of clean-burning energy is good for the environment, good for national security and energy independence, good for job creation and economic development, and good for taxpayers," said Grassley, who chairs the Senate's tax-writing Finance Committee and has a long history of promoting expanded use of renewable energy.

Among the alternative energy incentives, the bill includes extension of the first-ever wind-energy tax credit first introduced in 1992. It extends the tax credit for biomass production, provides an income tax credit and excise tax rate reduction for biodiesel fuel mixtures, helps smaller cooperative ethanol producers, creates a production tax credit for electricity generated from swine and bovine waste, and establishes a tax credit for the manufacture and use of super energy-efficient washing machines and refrigerators.

In addition, the legislation establishes a tax credit for the purchase of alternative motor vehicles, including electric cars, and it extends the deduction for alternative vehicles, including hydrogen fuel-cell cars. It also provides tax credits for the installation of alternative fueling stations and retail sales of alternative fuels.

-- WebCPA Staff

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