WASHINGTON – Feb. 3, 2015
In its proposed budget for fiscal year (FY) 2016, the Obama administration proposes to modify and permanently extend the renewable energy production tax credit (PTC) and investment tax credit (ITC). For facilities that begin construction in 2016 or later, the proposal would make the PTC permanent and refundable. Solar facilities that qualify for the ITC would be eligible to claim the PTC. The proposal would also permanently extend the ITC at the 30 percent credit level, which is currently scheduled to expire for properties placed in service after Dec. 31, 2016, and it would make permanent the election to claim the ITC in lieu of the PTC for qualified facilities eligible for the PTC.
Tune into the Feb. 3 episode of the Tax Credit Tuesday podcast for more information on the proposed budget.
WASHINGTON – Jan. 15, 2015
Senate Finance Committee Chairman Orrin Hatch, R-Utah, and Ranking Member Ron Wyden, D-Ore., today announced the co-chairs of the five working groups they created to advance tax-reform efforts in the 114th Congress. The groups will work with the Joint Committee on Taxation (JCT) to review current tax law, analyze available reform options and produce a comprehensive report that can serve as a foundation for bipartisan tax reform legislation. The report is expected to be released by the end of May.
The five working groups are community development and infrastructure, co-chaired by Sens. Dean Heller, R-Nev., and Michael Bennet, D-Colo.; business income tax, co-chaired by Sens. John Thune, R-S.D., Ben Cardin, D-Md.; individual income tax, co-chaired by Sens. Chuck Grassley, R-Iowa, Mike Enzi, R-Wyo., and Debbie Stabenow, D-Mich.; international tax, co-chaired by Rob Portman, R-Ohio, and Chuck Schumer, D-N.Y.; and savings and investment, co-chaired by Sens. Mike Crapo, R-Idaho, and Sherrod Brown, D-Ohio. The community and infrastructure group will encompass the low-income housing tax credit (LIHTC), the new markets tax credit (NMTC) and the historic tax credit (HTC), and the business tax reform group will encompass renewable energy tax credits (RETCs).
Tune into the Jan. 20 episode of the Tax Credit Tuesday podcast for more information.
WASHINGTON – Dec. 19, 2014
President Barack Obama today signed “The Tax Increase Prevention Act of 2014” (H.R. 5571), a tax incentives bill that retroactively extends through the end of 2014 most temporary tax provisions that expired at the end of 2013. The one-year extension act passed the Senate earlier this week by a vote of 76-16. The House passed the legislation 378-46 on Dec. 3.
WASHINGTON – Dec. 17, 2014
The U.S. Senate on Tuesday night passed “The Tax Increase Prevention Act of 2014” (H.R. 5771), a tax incentives bill that retroactively extends for one year–through the end of 2014–most temporary tax provisions that expired at the end of 2013. The bill was passed with a vote of 76-16 and will become law when signed by President Barack Obama. The House passed the legislation 378-46 on Dec. 3.
Camp Introduces Tax Reform Legislation; Senate Finance Committee GOP Staff Releases Tax Reform Report
WASHINGTON – Dec. 11, 2014
Today House Ways and Means Committee chairman Rep. Dave Camp, R-Mich., officially introduced H.R. 1, the Tax Reform Act of 2014. Camp’s legislation proposes formalizing the tax reform discussion draft released last February. It retains the low-income housing tax credit (LIHTC), doesn’t mention the new markets tax credit (NMTC) and proposes the repeal of the historic tax credit (HTC) and renewable energy tax credits (RETCs). Camp called for the legislation to “spur further action” during the 114th Congress, which begins in January.