Renewable Energy and Job Creation Act of 2008 Fails
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The Renewable Energy and Job Creation Act of 2008, the latest version of legislation featuring several tax extenders, alternative minimum tax relief and energy provisions failed to pass the Senate. Championed by Senate Finance Committee Chair Max Baucus, the bill faced stiff opposition from Republicans who objected to the tax offsets, most notably taxing offshore deferred compensation of hedge fund managers and delaying a business tax interest deduction until 2019.
Baucus has already crafted a revised bill, the Energy Independence and Tax Relief Act of 2008, which should be submitted to the Senate next week. Democrats oppose any tax extenders without tax offsets.
See my earlier postings under the heading Pending Legislation for a more detailed description of the tax extenders, which include the IRA charitable rollover.
