$32.1 Bn. Alternative Energy Tax Plan Stalls in Senate
by Dana Chasin, 6/21/2007
A cloture vote on the $32.1 billion tax title in an energy package failed by three votes in the Senate today, 57-36. Sen. Mary Landrieu (LA) was the only Democrat to vote against cloture; 10 GOP Senators supported it: Coleman (MN), Collins (ME), Crapo (ID), Grassley (IA),
Lugar (IN), Roberts (KS), Smith (OR), Snowe (ME), Specter (PA), and Thune (SD).
The tax title in the bill sought to close oil and gas industry loopholes and provide tax incentives to promote alternative energy source production. It was fully offset, but some provisions such as the closing of the "sale-in, lease-out" (SILO) transaction loophole on a retroactive basis rankled financial services industry lobbyists.
Finance Committee ranking member Grassley was unmoved: "We're in a pay/go environment... We're in a situation where we've got to provide the necessary offsets in order to get this legislation through... hope you understand that God only made so much fossil fuel." Committee chair Max Baucus (D-MT) said that he would bring the tax title up again.
The House Ways and Means Committee approved an energy package providing $16 billion in alternative energy tax incentives yesterday, 24-16. A House vote on the package has not been scheduled.
