Domenici Applauds Extension of Key Tax Credits for Renewables
September 23, 2008
06:20 PM
WASHINGTON – U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today applauded passage of a tax extenders package that includes extensions for key renewable energy technologies like wind, solar and biomass.
The package, which is the product of months of negotiations, will provide a one year extension of the production tax credit (PTC) for wind energy and refined coal, and a two year extension of the PTC for other energy sources. It also extends the 30 percent investment tax credit for solar energy for eight years.
“At long last, both parties have joined together to extend the essential tax credits for renewable energy, which were set to expire at the end of the year. Renewables like wind, solar, biomass and geothermal will play an essential role in our energy future, and the renewable energy tax credits are necessary to help these industries continue to grow. I am pleased that the Senate has passed this extension, and I look forward to quick action in the House,” Domenici said.
In addition to extending the PTC and solar tax credits, the legislation will increase tax credits for fuel cells and provide a new tax credit for geothermal heat pumps. The bill also removes the credit cap for solar electric investments and authorizes $800 million for new clean renewable energy bonds to finance facilities that generate electricity from clean sources.
In addition to the renewable energy tax credits, the tax package passed by the Senate also includes a number of major priorities for Senator Domenici, including the Wellstone-Domenici Mental Health Parity Act, and legislation that will adjust the alternative minimum tax (AMT) to alleviate the tax burden for middle-class Americans. The bill also includes a reauthorization of the Secure Rural Schools and Community Self-Determination Act and the Payment in Lieu of Taxes program.
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