The House has passed a $55.5-billion bill that would extend various expiring tax credits, including $18.5 billion worth of breaks for renewable energy. But the “extenders” measure, which the House approved on May 21, faces an uncertain future in the Senate. Several Republican lawmakers in that chamber have said they would object to any bill that includes tax increases to offset the revenue lost to the Treasury by the credits.
The White House opposes the measure, and a May 21 Office of Management and Budget statement threatened a veto. OMB criticized a provision to abolish a break currently claimed by hedge-fund managers for offshore deferred compensation. OMB also dislikes language to expand Davis-Bacon requirements to projects financed by new renewable-energy bonds that the bill would authorize.