On February 27, by a vote of 236-182, the House passed H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008. The bill includes a provision supported by NEPPA and the American Public Power Association, which creates a new category of Clean Renewable Energy Bonds, called "New CREBs." The authorization for New CREBs is $2 billion and is divided between projects of "public power utilities with an obligation to serve" and rural electric coops. It also includes other technical modifications to the program, such as changing the allocation method from "smallest to largest" projects to pro-rata. There is no sunset provision for the new program; however, the current CREB program ends at the end of 2008.
H.R. 5351 is identical to H.R. 2776, which was the energy tax bill passed by the House in August, 2007, inserted into the "energy independence" bill (H.R. 6), and removed at the last minute to ensure Senate passage of the bill. HR 5351 is expected to again face opposition in the Senate, given that Republicans and the White House still adamantly oppose its being "paid for" by eliminating incentives for the oil and gas industry. However, the Senate Democratic leadership remains committed to passing a renewable energy tax incentive package this year and continues to discuss strategies for advancing one.
NEPPA co-signed a letter of support for H.R. 5351, with over 120 other organizations, including environmental groups, manufacturers, and retailers, which was sent to all House members prior to the vote. Speaker Pelosi referenced the letter in her floor statement when discussing the bill and included a copy of it in the Congressional Record.