Breaking: House Drops Oil Subsidies
Daniel Englander: February 27, 2008, 1:56 PM
The House of Representatives voted 236-182 this afternoon to repeal $18 billion in subsidies and tax incentives for oil and gas companies. The windfall will fund investment and production tax breaks greentech producers and consumers. If H.R. 5351 passes the Senate (possible...) and survives a presidential veto (virtually impossible...), the available funding would support, among other things, a plug-in hybrid vehicle credit, an alternative refueling station tax credit, an extension of the renewable energy production tax credit, and a long-term extension and expansion of the solar energy and fuel cell investment tax credit. A more in depth analysis can be found here.
So kids... time to save your jobs and light up the White House switchboard. (202) 456-1414.




