If the law is also approved by parliament and then by President Barack Obama, the consequences will be most significant: there will be major extensions of ethanol tax credits for renewable energy industry.

Renewable energy industries such as wind, solar, photovoltaic together with other industries have persuaded lawmakers to continue a program that allows solar and wind-power facilities to obtain federal grants equal to a tax credit worth 30% of the cost to build a new facility.

The Solar Energy Industries Association welcomed the Senate's tax-bill passage, saying: "The extension will help the solar industry remain one of the fastest-growing industries in America and create thousands of new careers."

The tax bill also includes a one-year extension of tax credits for the ethanol industry: a 45-cent/gal credit for blenders to add ethanol to their gasoline mixes and a 54-cent/gal tariff on imported ethanol.