By Katie Caswell

The House Ways and Means Committee has introduced HR 5351, the Renewable Energy and Energy Conservation Tax Act of 2008, which eliminates the manufacturing tax credit for major oil and gas companies and locks the credit at six percent for other producers and refiners. Further, this bill would force oil and gas companies to change the manner in which foreign tax credits are calculated and claimed for resources extracted overseas. HR 5351 would raise taxes on current energy companies by $17.5 billion and transfers the funds to energy sources such as wind, solar, geothermal, ethanol, and other renewable energy sources in the form of tax credits and bonds.