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House Approves Renewable Energy Tax Credits, Senate Vote Pending

Breaking news from Dow Jones’ reporter, Cassandra Sweet: “Renewable Power Indus Hopes For Tax Credit Extension” For the full article click here.

SAN FRANCISCO -(Dow Jones)- Renewable power companies could take a hit if crucial federal tax credits set to expire Dec. 31 aren’t renewed before Congress adjourns next week for elections.

The U.S. House of Representatives approved an energy bill late Tuesday that includes a one-year renewable tax credit extension for wind power and an eight- year extension for solar power. The measure includes provisions for expanded offshore drilling for oil and natural gas and a tax hike for oil and gas production that would pay for the renewable tax credits.

In the Senate, Democrats and Republicans reached a deal Tuesday on tax legislation that would extend the renewable tax credits. The credits would be partially paid for by increased taxes for oil and natural gas production. Due to scheduling of other bills, the Senate is unlikely to vote on the measure until next week.

Congress adjourns on Sept. 26. It may not reconvene this year.