Red Orbiit : USA Alternative Energy - Senate Begins Debate On Alternative Energy Bill

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USA Alternative Energy - Senate Begins Debate On Alternative Energy Bill

The Senate Finance Committee began debate on Tuesday a $31 billion bill that would provide financial incentives and tax cuts to encourage energy savings and promote alternative energy supplies. The funding will be part of the Obama administration’s broader U.S. economic stimulus plan. The tax breaks under debate would, in part, assist wind power and solar energy companies that are struggling to obtain financing under tight credit conditions. The incentives could also help offset sharply lower petroleum prices, which have made alternative energy projects less cost competitive. The Senate tax package mirrors most of the $20 billion in energy tax breaks cleared last week by the U.S. House of Representatives Ways and Means Committee, but with additional incentives to assist alternative energy firms.