WASHINGTON — The House Ways and Means Committee is expected today to vote on a bill that would authorize the issuance of up to $5.4 billion of tax credit bonds for renewable energy, reduction of greenhouse gases, and schools in certain areas, as well as extend or expand programs for green bonds, qualified mortgage revenue bonds for veterans, and Gulf Opportunity Zone bonds.

HR 6049, the Energy and Tax Extenders Act of 2008, which was introduced late yesterday by committee chairman Charles Rangel, D-N.Y., would create a new category of “qualified energy conservation bonds” to finance state and local initiatives to reduce greenhouse gas emissions. Up to $3 billion of the bonds would be allocated to states, localities, and tribal governments. The proposal would cost the federal government an estimated  $1.027 billion over 10 years.

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