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Tax Credits Pass: Renewable Energy Industry Breathes Sigh of Relief
The long-awaited extension of the Production (PTC) and Investment Tax Credits (ITC) were finally passed as part of the House bail-out package (H.R. 1424) for the financial industry. The tax credit package, which is the same that passed the Senate on September 24, will extend the PTC for one year and the ITC for eight years.
Originally posted at RenewableEnergyWorld.com
Read the original post here.
After a disastrous few weeks on Wall Street, the renewable energy industry has come out a winner. It seems there's always a silver lining in even the worst developments.
The long-awaited extension of the Production (PTC) and Investment Tax Credits (ITC) were finally passed as part of the House bail-out package (H.R. 1424) for the financial industry. The tax credit package, which is the same that passed the Senate on September 24, will extend the PTC for one year and the ITC for eight years. The extensions would be at least partially paid for by a change in the tax code for the oil and gas industry.
The bill also contains removal of the US $2,000 cap for residential solar installations. The controversial US $700 billion bailout package has been in the works in Washington since last week due the failure of several major U.S. banks and financial institutions. The bill was initially voted down in the House on Monday and was reworked and reintroduced by the Senate on Wednesday.
Check back with RenewableEnergyWorld.com throughout the day today and tomorrow for more details about the legislation as they become available.
Originally posted at RenewableEnergyWorld.com
Read the original post here.