At the request of the National Rural Electric Cooperative Association (NRECA), Reps. Earl Pomeroy (D-ND) and Ron Lewis (R-KY) introduced H.R. 1965, a bill that would extend the CREB program for one year (through December 31, 2009) and provide a bond allocation volume cap of $1 billion for 2008 and $1 billion for 2009. Additionally, the bill would limit the amount of CREB allocations to "governmental borrowers" to $625 million for 2008 and $625 million for 2009. The bill also provides some technical modifications. Reps. Pomeroy and Lewis are both members of the House Ways and Means Committee.
While the coop bill is substantively different from the bill advanced by Reps. McDermott (D-WA) and Ramstad (R-NM), and supported by the American Public Power Association (APPA), it demonstrates broader support for the CREB program among members of the powerful tax writing committee. It is likely that Chairman of the Select Revenue Subcommittee, Rep. Richard Neal (D-MA), will meld the two bills (H.R. 1821 and H.R. 1965) together when developing an energy tax package, in the coming weeks.