Parliamentary moves toward a new energy tax regime

Senate and House Dems have made it a centerpiece of their energy policy since regaining both chambers in 2006: remove/reduce tax incentives and subsidies for oil and gas and create new tax credits and incentives for renewable energy. Their problem thus far has been finding filibuster-proof margins in the Senate to get their packages passed. Now they’re turning to the budget resolution reconciliation process as a filibuster-proof vehicle.

This is potentially good news for renewable energy, but even if this package ($18B at last check) makes it through reconciliation and passes Conference Committee, the Bush White House has repeatedly said they will veto any bill that raises taxes on oil and gas.