The Senate Finance Committee has approved a bill which will pay out some $14 billion in energy tax incentives over the next decade. The measures are aimed at developing clean coal technologies and building new nuclear stations on line, among other measures.
The bill would extend tax credits for renewable sources such as wind and biomass and for use of fuel cells by a decade and offers an eight-year tax break on power produced at new reactors in service by 2021. This comes in addition to the bipartisan senate energy bill that would grant federal loans to fund new nuclear construction.
Tax credits would also be granted to generators switching to clean coal plants.
The Senate knocked $2 billion off the original bill while the House passed an $8 billion version of the energy legislation in April, though both are still unlikely to gain executive branch approval.
House-Senate negotiations on a compromise bill are expected to start after the 4 July congressional recess.
Lawmakers plan to attach the Energy Policy Tax Incentives Act of 2005 to broad energy bill legislation.
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