White House to host meeting on green jobs Tuesday

Tuesday’s event will follow a meeting Monday evening hosted by Speaker Nancy Pelosi (D-Calif.) on the green-energy jobs bill being created by House Ways and Means Chairman Sandy Levin (D-Mich.). 

Levin last week circulated a draft of a $22 billion green energy jobs bill.

Its centerpiece provision extends through 2014 the Section 48C manufacturing tax credit for investing in renewable energy. 

The tax credit was created in the 2009 stimulus bill and has been touted by President Obama as being instrumental in helping companies become energy efficient. The Joint Committee on Taxation (JCT) estimates the extension will cost about $6.9 billion. 

The ethanol tax credit is also extended for one year under the draft, but at a reduced rate, from 45 cents to 36 cents per gallon, costing about $3.8 billion, according to the JCT. 

Senate Majority Leader Harry Reid (D-Nev.) will also attempt to move a clean energy bill through his chamber.

The White House meeting on Tuesday could be informative as to what Democratic leaders will attempt to pass before the August, said one source who will be a part of the discussion.