Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, has introduced a bill to extend tax credits and deductions that expired last year or would expire at the end of this year, including tax incentives for renewable energy.
H.R. 6049, the Energy and Tax Extenders Act of 2008, would provide tax relief for individuals and families, including deduction of state and local sales tax, deduction of tuition and other education expenses, deduction of out-of-pocket expenses by teachers, deduction of property taxes for non-itemizers, and an expansion of the refundable child tax credit to taxpayers earning $8,500 a year.
In addition, it includes a provision that equalizes the penalty standards for return preparers with the standards for taxpayers.
The bill passed the committee by a vote of 25-12.
H.R. 6049 will also offer tax incentives for businesses to invest in new technology by extending the research and development credit and active financing provisions.
"By extending these provisions, we help reassure families and businesses that their tax bills will not increase this year," said Rangel (pictured) in a statement.
The bill also contains a number of energy-related tax provisions, including a six-year extension of the investment tax credit for solar energy; three-year extensions of the production tax credit for energy derived from biomass, geothermal, hydropower, landfill gas and solid waste; a one-year extension of the PTC for energy derived from wind; tax incentives for coal electricity plants that capture and sequester carbon dioxide; and incentives for the production of renewable fuels such as biodiesel and renewable diesel and cellulosic biofuels.
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