U.S. Energy Tax Package Being Pushed For June Senate Vote

June 4, 2008 5:17 p.m. EST

Washington, D.C. (AHN) - Senate Finance Committee Chairman Max Baucus, (D-MT) is pushing for a Senate vote on a bill to extend tax incentives for alternative energy sources by the end of June.

The bill passed by the House of Representatives in May includes a clause for $19 billion in incentives for solar, wind, geothermal and unconventional energy sources. The complete tax package is for $57 billion in tax relief.

"There's a real interest in making our country more energy self-sufficient, and that's the main driver here," Baucus said in a brief interview with Dow Jones Newswire.

Without substantial changes to the House-passed version, however, GOP senators have vowed to block the tax package on the Senate floor.

The House bill would eliminate a loophole that allows hedge fund managers to defer their offshore compensation; it also would postpone a tax cut on U.S. companies' foreign income. These items are to offset the impact of the proposed cuts and extensions from adding to the country's deficit.