The House has approved a $700-billion financial rescue plan -- sweetened by $110 billion in tax cuts -- on a 263-171 vote four days after rejecting it in a move that stunned both Wall Street and Washington. President Bush signed the measure almost immediately.
The U.S. Senate earlier approved the tax cuts, including a host of alternative energy credits and dozens of breaks for businesses and individuals, as part of its $700 billion bank rescue bill. The legislation passed the Senate on a 74-25 vote.
The Senate added the tax provisions to woo Republican votes in the House, where an earlier version of the bailout plan failed by 12 votes on Monday. The tax package would spare 24 million American households from a scheduled alternative minimum tax increase this year, renew credits for business research, and extend $17 billion in energy incentives.
Full story from the New York Times.
Bailout plan bails out clean-energy sector from CNet News GreenTech.
Lobbyists Target House Republicans Over Renewable-Energy Tax Breaks (CQ Politics).
A study by Navigant Consulting released last month indicates that 440,000 permanent American jobs would be created by 2016 with the extension of the solar investment tax credit (ITC), and an estimated $232 billion in investments in the solar industry would be supported.