By: John Nikoloff
US Senate Finance Committee chairs Max Baucus (D, Montana) and Chuck Grassley (R, Iowa) have reached a bipartisan compromise that could result in Senate passage of an agreed-to plan on energy tax credits as part of an overall tax credit package before Congress adjourns for the fall elections. The bill includes $17 billion in renewable energy tax credits, along with other business, disaster relief and other tax provisions.
ERG has been following the process closely and been in contact with the state's Congressional leadership. While there is a very short window of opportunity to secure this package during the fall session, it appears that the amended bill (HR 6049) will pass the Senate. The bill would then go to a conference committee for agreement with the House, which passed a Renewable Energy and Energy Efficiency Production Tax Credits (PTC) package on September 18. All indications from Congressional leadership suggest that both the House and Senate could work together and agree on some energy tax provisions important to the renewable energy industry before the session expires.
The Senate is scheduled to vote on this legislation on Tuesday, September 23rd. The Senate bill includes a one-year PTC extension for wind, a two-year extension for solar, marine, biomass and other technologies, as well as extensions of investment tax credits for renewable energy, new Clean Renewable Energy Bonds, and energy efficiency tax incentives. The bills also include an extension of the biodiesel Production Tax Credit and the establishment of tax incentives for cellulosic biofuels property.
ERG will be reaching out to the Pennsylvania Congressional delegation, contacting them to ask their leadership to support this legislation. We would urge you to become familiar with the bill's provisions, and join in urging our Senators and Congressmen to move the package before Congress adjourns September 26.
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