Houses Passes Energy Legislation

A final conference agreement emerged from the House/Senate conference committee on energy legislation, and the legislation was passed by the House on November 18, 2003 by a vote of 246-180. The tax portion of the legislation, labeled the Energy Tax Policy Act of 2003, includes tax credits and incentives for alternative vehicles and fuels; tax credits, a deduction, and depreciation incentives for incorporation of energy efficient devices and techniques in homes and businesses; tax incentives to improve the reliability of the gas and electrical transmission systems; clean coal incentives; oil and gas production incentives; nuclear power incentives; provisions to offset the impact of the alternative minimum tax on the proposed changes; and a variety of miscellaneous provisions. The total ten-year cost of the tax provisions is estimated at around $25.7 billion. A vote in the Senate could come as early as November 20, 2003.


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Wolters Kluwer Tax and Accounting

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