Senate oks extending energy tax credits

WASHINGTON Tue Sep 23, 2008 5:43pm EDT

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WASHINGTON (Reuters) - The U.S. Senate on Tuesday approved a package to extend $18 billion in tax credits for using renewable energy sources like wind, solar and geothermal and also provide incentives to cut energy consumption.

Under the proposal, which will be part of a much bigger tax bill, the tax credit for producing electricity from wind would be extended for one year. The credit for other renewable sources, such as wave and ocean tide projects that generate power, would be extended for two years.

The residential and business tax breaks for solar energy would be extended for eight years. The House of Representatives must still vote on continuing the renewable energy tax credits, and the White House said earlier on Tuesday it would support the measure.

(Reporting by Tom Doggett; Editing by Marguerita Choy)

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