Senate panel unveils $18B energy tax package

WASHINGTON, Jun 14, 2005 -- AFX-UK

The Senate Finance Committee on Tuesday released a draft of an $18 billion package of energy tax incentives aimed at increasing U.S. energy supplies. The tax provisions are expected to be added to a broad energy bill now being debated in the Senate. The proposal would extend tax credits for power generators using renewable resources and provide a business credit for building energy efficient homes. The panel also proposed provisions to boost the sale of alternative vehicles including a $1.7 billion tax credit for hybrid and alternative-fueled vehicles and a $133 million extension of an existing tax credit for electric cars. The tax provisions would cost nearly three times what the Bush Administration said it would support.

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