By a margin of 57-40 the Senate blocked the energy bill, a rejection that signals a murky future for the sweeping legislation.
The bill had previously passed through the House by a margin of 246-180.
Senators from both sides of the aisle were critical of the cost of the legislation claiming it’s stuffed with special interest pork and potentially harmful to the environment.
Some objected to its price tag — $31 billion over 10 years — while others claimed that its provision to double the use of ethanol fuels was essential a “hidden gas tax.”
Some of the provisions in the bill include tax breaks of $13 billion for oil, gas and coal industries, and $5.5 billion for renewable energy sources; tax incentives for improving energy efficiency of homes and a tax credit for buying hybrid gas-electric cars — those that run on both gasoline and electricity.
According to the Joint Committee on Taxation, the legislation would add $23.5 billion to the budget deficit over the next decade.
However, Republican lawmakers said the act would create about 800,000 jobs, while reducing dependency on foreign energy supplies.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access