The Senate Finance Committee approved $28 billion in tax breaks on Tuesday to underwrite renewable fuels and "clean coal"Â technology, all at the expense of the oil industry, The New York Times reported.
The coal industry would reap substantial benefits from the committee package, which is to be attached to a broader energy bill being debated on the Senate floor, the paper reported. But the industry suffered an unexpected defeat when the full Senate rejected two measures in the overall energy bill aimed at vastly expanding the production of diesel fuel made from coal.
Senate leaders plan to attach the tax package to a broader energy bill, which they hope the full Senate will approve by the end of this week. But the mixed signals made it hard to say what shape the package will take in the end, the paper reported.
The tax package would provide $10 billion in additional breaks for companies that produce electricity from renewable energy sources like wind and solar power and methane from landfills. It would also underwrite tax-free bonds for plants that produce electricity with renewable fuels, offer new incentives for transmission lines for wind and solar power and extend tax breaks for ethanol and other gasoline substitutes, the paper reported.
-New York State Society of Certified Public Accountants
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