This past week, Senator Ensign (R-NV) and Senator Cantwell (D-WA) introduced legislation to extend the renewable energy tax credits. The tax credits for wind, geothermal, and biomass power would be extended for one additional year. The legislation would also provide $400 million in clean energy renewable bonds for public power and other cooperatives that are not eligible for the tax credits.
The tax credits are measured to cost about $6 billion. However, the Senate proposal was not paired with a financial offset, which will likely be an issue in the House, due to their more strict adherence to PAYGO rules.
“Satisfying our energy needs and reducing our reliance on foreign sources is a challenge that we must meet, but that can only happen with the right incentives in place," said Ensign. "Our bipartisan bill will help put us on a path toward energy independence with American ingenuity leading the way.”
The proposal has 6 Democratic cosponsors and 14 Republican cosponsors. The legislation is an amendment for the housing package (S. 3221).
WORK CONTINUES ON A LONG TERM EXTENSION OF FARM BILL
Congressional negotiators continue to attempt to find offsets for the additional $10 billion in spending. If the negotiations have not concluded by April 18th, there is likely to be a one or two year extension of the current farm law.
The current farm
law is under a temporary extension set to expire
on April 18.
HOUSING BILL FACES CRUCIAL TESTS THIS UPCOMING WEEK
Since the Senate reconvened after its two week break, the Senate has been addressing the subprime mortgage and housing problem.
The current housing package under consideration provides tax breaks for businesses and homebuyers facing foreclosure. The package also overhauls the FHA mortgage insurance program (S. 2338).
The housing legislation has been moving fairly quickly through the Senate. Tomorrow, there will likely be a vote to file cloture if Majority Leader Harry Reid and Minority Leader Mitch McConnell agree on a certain number of amendments to be allowed.
Many
amendments are threatening to impede the bill's progress, including the
Ensign/Cantwell renewable energy amendment. Other amendments
include an amendment offered by Senator Martinez (R-FL) to overhaul
Fannie Mae and Freddie Mac by creating an independent regulator.
Senators Nelson (D-FL) and Coleman (R-MN) are planning to introduce an
amendment that would provide relief to homeowners behind on their
mortgage payments.
GOVERNORS REACH REAL ID GRANT ACCORD WITH SECRETARY CHERTOFF
Last Thursday, a working group of governors, including Governor Jim Gibbons (R-NV), acting in his role as co-lead for Homeland Security for the National Governors Association, reached agreement on how the REAL ID grant funds will be distributed.
The agreement would allow DHS to award a portion of the funds to begin development of a "hub" system, while allocating the remaining funds to all states. To be eligible for funds, each state must have submitted an application to DHS before midnight on April 7, 2008.
DHS has developed a short-form application for states that have not
previously submitted an application. States that have already submitted
a grant proposal application (including Nevada) need not re-apply. HOUSE
REAUTHORIZES U.S. FIRE ADMINISTRATION
