House would replace oil tax breaks with ones for renewables

The Washington Post today notes that,

The House of Representatives brushed aside threats of a White House
veto today and voted 236 to 182 in favor of an $18 billion tax package that
would rescind a tax break for the five biggest oil giants and use the revenue to
boost incentives for wind and solar energy and energy efficiency.

Rangel's Renewable Energy and Energy Conservation Tax Act of 2008 (H.R. 5351), a February 12 resubmission of last year's legislation was reported out of the rules Committee yesterday on a motion limiting debates and amendments.