House Passes Tax Bill That Would Drop Oil Subsidies

Law360, New York (February 28, 2008, 12:00 AM EST) -- The U.S. House of Representatives approved a bill on Wednesday that would use $18 billion worth of tax breaks from oil and gas producers to help fund alternative energy projects, but prospects for the bill getting through the Senate and White House are slim.

The bill, which passed 236-182, would extend tax credits for newly built wind farms and other alternative energy facilities through 2011. The credits are estimated to cost $6.6 billion over 10 years, making it the most expensive tax break in the legislation....
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