H.R.6049 - Energy and Tax Extenders Act of 2008 Sponsor: Charles Rangel / 110th Congress

Title
110th Congress - To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. hidemore...
Summary
To amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes. (by CRS)
Status
The bill was voted on in both the House and Senate.

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Interests who did want this bill to become law included these interests and specific groups:

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Contribution data provided by the Center for Responsive Politics (OpenSecrets.org)

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Extending Tax Breaks by Tiffany Hsieh, May 21, 2008 (11:05pm)

This bill extends tax cuts for both individuals and renewable energy investments until 2009. These tax credits are meant to ease the burden of living costs and unemployment which have increased during the past year. Supporters applaud the bill for facilitating the production of renewable energy. Opponents believe the government should not interfere in the energy market by choosing winners and losers. They also believe that the bill only further complicates an already intricate tax system.

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The Dire Need for Alternative Energy by Peter Volberding, Jun 13, 2008 (11:42pm)

HR 6049 is principally focused on extending the tax breaks for renewable sources of energy, which are set to expire at the end of this year. It received fairly partisan support in the House, but, somewhat surprisingly, looks to be stalled in the Senate. But who doesn’t love tax breaks? Apparently the Republicans. The bill, with an estimated price tag of $54 billion, would be paid for by closing the tax loopholes available to multinational corporations, for hedge-fund managers, and for overseas accounts. But, to the ire of Republicans and anti-tax advocates, and with the best interest of American citizens at heart, they are crying fowl that new tax breaks shouldn’t be paid for by tax increases. However, since when did closing a tax loophole become a tax increase? Other claims, such as the necessity to reform the alternative minimum tax, are warranted, but are egregiously irrelevant to the discussion.
One of the main arguments is we should allow for the free market, through supply and demand, to allocate and develop clean technologies. However, in order to expedite the process, some subsidies are needed (it should also be noted that many supporters of this argument also oppose any reduction in oil subsidies, since it will “harm consumers”). Additionally, an independent economic organization, Navigant, found that “112,000 jobs in the wind and solar industries and $19 billion in investment” are at risk over the next 6-8 months.
Nearly every aspect of America has also realized this. The laundry list of nearly every Fortune 500 company shows that corporate America is highly supportive (albeit many of them are poised to become huge beneficiaries). Even more surprising, a poll found that 74% of Independents, 72% of Democrats and 72% of Republicans favor an extension of Federal tax credits for renewable technologies. How can there be such disparate views?
Conspicuously absent from all of the support are the oil companies—huge contributors and virtually the only industry that stands to lose, since it does not reap any benefits and loses some tax exemption. 5 of the 6 major corporations—ExxonMobil, Royal Dutch Shell, ConocoPhillips, Chevron, and Total—and many of their associations (like American Petroleum Institute) are suspiciously quiet. Only BP, which stands to gain a lot, has said anything (it is in favor). Anecdotal evidence has suggested their opposition, but very few links could be found.
The stall tactics need to come to an end. America urgently needs new energy solutions, such as alternative sources. The time to act is now.

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