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Tax relief coming in global warming bill

May 20, 2008

Maybe it’s because the WeatherBug icon on my PC tells me it’s 102 degrees outside, but this item certainly caught my eye.

Thermometer_hot
CQ Politics
reports that a new version of Senate global warming legislation would provide
billions in tax relief to help consumers pay their energy
bills.

Of course, this is just the first of a long legislative process.

Although Barbara Boxer (D-Calif.) is drafting a a measure that would include $800 billion through 2050 for a "tax relief fund" to
help "consumers in need of assistance related to energy costs," it won’t go to her colleagues for consideration until early June.

And details of the tax relief will have to be spelled out by the Senate Finance Committee.

CQ Politics also notes that despite support from Boxer’s Environment and Public Works Committee, the bill is likely to face an uphill battle for enough votes to stave off the expected filibuster.

The reason for the opposition? Both Democratic and Republican Senators are worried about how the bill’s cap on greenhouse-gas emissions would affect coal,
petroleum, natural gas and manufacturing industries in their states.

Such potential defeat notwithstanding, I’m still holding out hope.

When mid-May temperatures are already triple digits by some measurements (our thermometer in our east-facing backyard reads 99, while the one on the covered portion of our patio says 94), a lot of folks are looking for any respite, from both the heat and associated costs.

And I fear that if things are this hot now, we could be looking at some more record-breaking A/C bills by the time July and August roll around.

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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