House Speaker Nancy Pelosi (D-CA) plans to bring a stand-alone renewable energy tax package to the House floor for a vote, possibly as early as next week. The bill, H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, would boost incentives for clean energy and energy efficiency that are "paid for" by cuts in taxes to the oil and gas industries.
H.R. 5351 would provide $2 billion in new Clean Renewable Energy Bonds (CREBs)for public power and cooperatives to use to finance eligible renewable projects. The language also includes the technical corrections to the program that Rep. Jim McDermott (D-WA) has championed and public power advocated, including changing the allocation method from "smallest to largest" projects to pro-rata, and directing that the $2 billion go to only public power utilities with an obligation to serve and electric cooperatives.
As far as outlook for the energy tax bill, it is expected to pass in the House when it is brought up, but will face a tougher battle in the Senate, given that Republicans and the White House still adamantly oppose its being "paid for" by the oil and gas industries.