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Bill Introduced to Extend ITC, PTC

WASHINGTON – April 11, 2014

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Reps. Zoe Lofgren, D-Calif., and Doris Matsui, D-Calif., today introduced legislation that extend the investment tax credit (ITC), the production tax credit (PTC) and a number of other tax credit incentives. Under H.R. 4426, the Clean Energy Victory Bond Act of 2014, the ITC would be extended until Jan. 1, 2023 and the PTC would be extended until Dec. 31, 2023. In addition, H.R. 4426 would allow U.S. citizens to invest in clean energy technologies through the issuance of bonds.

Senate Finance Committee Passes Tax Extenders Bill

WASHINGTON – April 3, 2014

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The Senate Finance Committee today passed the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act by voice vote. The bill incorporates modifications released today by Chairman Ron Wyden, D-Ore., including extensions of the renewable energy production tax credit (PTC) and of the 4 percent tax credit percentage floor for the low-income housing tax credit (LIHTC).

Senate Finance Committee to Consider Tax Extenders

WASHINGTON – April 1, 2014

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The Senate Finance Committee will markup legislation on “tax extenders” on Thursday, April 3. The bill, entitled the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act, addresses a number of tax provisions that have expired or will expire at the end of this year. The committee also released a summary of the bill’s provisions and a cost estimate.

As currently written, the chairman’s mark of the EXPIRE Act extends several renewable energy provisions but it does not include an extension of the renewable energy production tax credit (PTC) for wind. It is expected that committee members will offer an amendment to extend the PTC for wind during committee consideration on Thursday.

For more information, tune in this afternoon to the Tax Credit Tuesday podcast. Additional details may also become available leading up to the hearing, so stay tuned.

Bipartisan Group of Senators Urges ITC, PTC Extension

WASHINGTON – Mar. 21, 2014

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Sens. Mark Udall, D-Colo., and Chuck Grassley, R-Iowa, sent a letter to the Senate Finance Committee asking the committee to include the extension of the investment tax credit and production tax credit for wind energy in any upcoming tax-extender legislation. The letter was also signed by 24 other senators.

Administration Budget Would Make PTC Permanent, Refundable

WASHINGTON – Mar. 4, 2014

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In its proposed budget for fiscal year (FY) 2015, the Obama administration proposes making the renewable energy production tax credit (PTC) permanent and refundable. The budget also proposes an additional $2.5 billion in tax credits for investments in advanced energy manufacturing projects, such as energy equipment and facilities for clean energy manufacturing.

Tax Reform Proposal Would Alter LIHTC, Repeal HTC, ITC and PTC

WASHINGTON – Feb. 26, 2014

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Ways and Means Chairman Dave Camp, R-Mich., today released a draft tax reform proposal that would repeal the historic rehabilitation tax credit (HTC) and the renewable energy investment tax credit (ITC) and production tax credit (PTC). The draft does not include any reference to the new markets tax credit (NMTC).

The proposal would retain the low-income housing tax credit (LIHTC) in the revised tax code but would make several changes. Under the proposal, state and local housing authorities would allocate qualified basis, rather than tax credits. The proposed annual amount of allocable basis for each state would be equal to $31.20 multiplied by the state’s population, with a minimum annual amount of $36,300,000. In addition, the draft calls for including repealing the 4 percent credit, extending the credit period to 15 years from 10, repealing the increased basis rule for high-cost and difficult development areas, revising the general-public-use requirement to provide occupancy preferences only for individuals with special needs and veterans, and repealing the requirement that states include the energy efficiency and historic nature of the development in their selection criteria.

Novogradac & Company is developing a detailed analysis of the proposal, so stay tuned.

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