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Senate Passes Energy Tax Bill Boosting the Solar Industry - 09/28/08

The Senate passed a $17 billion energy tax bill giving an extreme boost to the solar power industry. It also extends tax credits for wind as well as for heavy oil refineries.

The energy bill passed by a 93 to 2 vote margin and the bill is part of a $100 billion tax bill which the energy portion failed eight times in the Senate.

This will provide a stable market for the solar industry for the next 10 years.

Senator Maria Cantwell said the new bill will take the solar industry to new heights.

The investment tax credit for solar projects will extend through 2016. The bill will extend the tax break for wind power production by one year and will give a two year extension for refineries retooled to handle heavier fuels.

The bill will now go to the House for a vote. There is fear that if the House chooses to change the bill and send it back to the Senate it will die. Hopefully there will be only minor changes and it will go to the President for his signature.

The bill will curtail tax breaks oil companies get for job creations and overseas production.

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