The extension of the production and investment tax credits were approved by Congress as part of the US$ 700 billion bail-out package for the financial industry.
The House of Representatives passed Emergency Economic Stabilization Act of 2008, by a vote of 263 to 171, and less than two hours later, President George W. Bush signed it into law. The tax credit package will extend the renewable energy production tax credit for one year and the investment tax credit for eight years. The extensions will be partly paid for by a change in the tax code for the oil and gas industry.
