According to U.S. Senate Finance Committee Chairman Max Baucus, the Senate has agreed to attach to upcoming financial rescue legislation – the Emergency Economic Stabilization Act of 2008 – a Senate-passed tax measure that will create and extend incentives for renewable energy. The legislation also would protect Americans from paying the alternative minimum tax and extend a number of expiring tax cuts for businesses and families.
‘As soon as this legislation passes, good-paying jobs will open up in the green energy sector as wind and solar projects get up and running,’ said Baucus in a statement about the tax provisions. ‘Twenty million Americans who can't afford a higher tax bill right now will be protected from the alternative minimum tax. Families will get a break on college tuition, classroom expenses, and a little money back for all the state and local sales taxes they pay. And companies struggling to survive in this financial crisis will get tax relief to do the research and development they need to grow and offer even more good-paying jobs.’
The Senate is expected to vote on the financial rescue plan with added tax relief today and send the legislation to the House of Representatives for final consideration.