The U.S. Senate June 10 rejected the House bill extending the renewable energy and energy efficiency tax credits set to expire at the end of this year. Republicans, stated Nancy Pelosi, House Speaker, \u201chave again adopted President Bush\u2019s \u2018drill and veto\u2019 policy that is driving up the price of oil, diesel, and gasoline.\u201d Most expect the incentive tax credit for solar projects and production tax credit for wind systems to be extended this year. \u201cWe are very confident it will pass,\u201d Don Furman, American Wind Energy Association president told Circuit. He said several lawmakers have assured the renewable community that the credits will not expire at the end of 2008 given the large amount of projects and investments at stake. The Senate could attach an amendment to the pending conference report for the Housing Mortgage Foreclosure bill, according to Lisa Wright, spokesperson for Representative Roscoe Bartlett (R-MD). The renewable tax credits are part of the Renewable Energy and Job Creation Act of 2008. It is a $54 billion package that includes the following: -A six-year extension of the investment credits for solar energy. -A three-year extension of the production tax credit for biomass, geothermal, hydropower, landfill gas, and solid waste; and -A one-year extension of the production tax credit for wind energy. In addition, the measure provides perks for renewable fuels production, including biodiesel and cellulosic biofuels. Funding for the tax credits is tied to the closing of hedge-fund and multinational corporate tax loopholes.