The Senate Finance Committee has marked up the Energy Policy Tax Incentives Act of 2005, the title of the energy policy bill now before the full Senate.
The bill, which provides $11 billion in energy tax incentives over five years, includes an extension of the renewable electricity production tax credit. The bill also contains a credit for investment in clean coke/cogeneration facilities; a deduction for energy-efficient commercial buildings; a credit for the construction of new energy-efficient homes; and alternative motor vehicles and fuels credits.
"There are dozens of reasons to develop alternative energy sources and no good reason not to," said Sen. Chuck Grassley, R-Iowa, chairman of the committee. "We have a successful track record in encouraging alternative energy through tax incentives."
The House energy bill approved by the Ways and Means Committee in April focuses on more traditional energy sources.
