$700 Billion Bail Out Provides for Alternative Energy Tax Credits: Is That Good or Bad?
The $700 billion bail out bill the House of Representatives just passed — and President Bush signed — includes tax credits for solar, wind and biodiesel.
Yahoo! News reports:
“The legislation would extend for one year the production tax credit for wind energy, with an eight-year extension for investment tax credits for solar energy projects.
Buyers of plug-in electric cars would receive tax credits ranging from $2,500 to $7,500.
The bill also provides incentives for the use of biodiesel. However…it promotes…a loophole where companies mix foreign biofuels with U.S. biodiesel to receive the U.S. subsidy, then sell the fuel at a discount to European markets.”
