U.S. Senate Introduces Bipartisan Renewable Energy Tax Credit Legislation

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http://www.renewableenergyworld.com/rea/news/story?id=52081

United States Senators Maria Cantwell (D-WA) and John Ensign (R-NV) have introduced the Clean Energy Stimulus Act of 2008. The bill, which has bipartisan support extends the commercial Investment Tax Credit (ITC) for solar and fuel cell projects for eight years and removes the utility exemption.

The bill authored by Ensign and Cantwell will also extend the placed-in-service deadline through 2009 for the Production Tax Credit for geothermal, wind, biomass and hydropower facilities.

"Satisfying our energy needs and reducing our reliance on foreign sources is a challenge that we must meet, but that can only happen with the right incentives in place," Sen. Ensign said. "Our bipartisan bill will help put us on a path toward energy independence with American ingenuity leading the way."

The bill also extends the residential solar credit for one year and removes the US $2,000 cap. The bill now has 30 co-sponsors, including members of the GOP who have opposed previous attempts to pass a tax credit extension such as Sen. John Sununu (R-NH).

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