Senate Passes Energy Legislation

In a resourceful move to counter procedural obstacles that threatened to prevent passage of an energy bill before its August recess, the Senate abandoned its current energy bill and passed instead the energy bill that had passed the Senate in the last Congress on April 25, 2002. The bill includes tax credits and incentives for alternative vehicles and fuels, tax credits for incorporation of energy efficient devices and techniques in homes and businesses, extension and modification of the renewable electricity tax credit, clean coal incentives, oil and gas incentives, and some additional provisions, including some related to electric utility restructuring. Although the bill (HR 6) passed by a vote of 84-14, many members appeared primarily focused on getting any energy bill passed in order to move to a House/Senate Conference Committee, where the real fight will be over what provisions to include. The House passed its version of energy legislation on April 11, 2003.

AUTHOR

Wolters Kluwer Tax and Accounting

Wolters Kluwer Tax and Accounting is a leading provider of software solutions and local expertise that helps tax, accounting, and audit professionals research and navigate complex regulations, comply with legislation, manage their businesses and advise clients with speed, accuracy and efficiency. Wolters Kluwer Tax and Accounting is part of Wolters Kluwer N.V. (AEX: WKL), a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide. Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

All stories by: Wolters Kluwer Tax and Accounting