Tax credits on their way to renewal…

The Senate has passed a bill renewing the solar tax credits set to expire at the end of the year by an overwhelming margin of 93-2 this week.

The bill is now off to the House of Representatives where there is some question about whether or not it will be passed in its current form or modified and returned to the Senate for another vote.

The White House has issued a statement urging the passing of the bill, a sure indicator that George Bush will sign the extensions into law if they are presented to him.

There are two things that stick out to me about the development of this story this week. One of them is the fact that a portion of the tax credits will be paid for by changes in the tax codes for oil and gas companies and the other is that the White House has backed the bill and pointed towards America becoming a leader in renewable energy development as a reason for Congress to get the bill done.

It’s a great sign to see that alternative energy has moved to the level of importance that the credits, which are part of a much larger tax bill, will be passed before the House and Senate break for the election season, rather than being left on the table with a chance to expire at the end of the year.

Despite all of the good signs, the bill is not passed yet and there are rumors that the House will revise the bill in a manner that will require the Senate to return for a special session next week with a weakened chance of passing the bill.