House Energy Bill: A Portfolio of Benefits for Clean Energy

[jpak]

http://www.renewableaccess.com/rea/news/story;jsessionid=2A1C793ADA3277BCD900FF80CB420334?id=49580

While the national media focused mostly on the Renewable Energy Standard (RES) approved by the U.S. House of Representatives this past weekend, there are many more pieces to the entire energy package that have important implications for clean energy.

The House passed both H.R. 2776, the energy tax package, and H.R. 3221, the overall energy bill.

In H.R. 2776, the House approved a modified 4-year extension of the wind Production Tax Credit (PTC) for large turbines and an 8-year extension and improvement of the solar and fuel cell Investment Tax Credits (ITC). The House version of the PTC for large wind turbines had significant changes from its prior form, by placing a 35% cap on the PTC, which, according to AWEA, “would penalize the most efficient projects.”

The solar tax credit extension provides an eight-year extension of the existing 30 percent ITC for businesses under Section 48 of the tax code, provides the ability for corporate and personal filers to claim the ITC against the Alternative Minimum Tax (AMT), and removes the prohibition barring utilities from using the section 48 ITC.

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[kestrel91316]

1. Expect Bush to veto this. And expect the Dems to be unable to override.

[jpak]

2. Ugh - bad link - here's one that works

http://www.renewableaccess.com/rea/news/story?id=49580

and yes, the Chimp will veto this and yes, Dems won't get the 60 votes in the Senate to override...

blah...