News Archive:
2007
December
TAX PROVISIONS REMOVED FROM ENERGY BILL PASSED BY SENATE
WASHINGTON, D.C. – December 14, 2007
Despite bipartisan support in both houses of Congress, the final version of the energy legislation passed last night by the Senate does not include extensions of the tax credits for renewable energy production or investment. The bill was introduced in Senate with provisions to extend and modify the tax credits, but the tax provisions were removed clear the way for the measure's passage. The Senate approved H.R. 6 by a vote of 86 to 8.The bill will now return to the House for approval before being submitted to the President to be signed into law. Following the passage of H.R. 6, trade groups such as the American Wind Energy Association and the Solar Energy Industries Association expressed plans to continue to lobby Congress to extend the tax credits before they expire in December of 2008.
DETAILS OF ENERGY TAX LEGISLATION UNVEILED
WASHINGTON, D.C. – December 5, 2007
Senate Finance Chairman Max Baucus (D-Mont.) and House Ways and Means Chairman Charles Rangel (D-N.Y.) today unveiled details a package of energy tax legislation. The House is expected to vote this week on the $21 billion package, which would provide long-term extensions of tax credits for renewable electricity. The Clean Renewable Energy and Conservation Tax Act of 2007 would extend the placed-in-service date for the Section 45 renewable energy production tax credit for four years through December 31, 2012 for qualifying facilities: wind; closed-loop biomass; open-loop biomass; geothermal; small irrigation hydropower; landfill gas; and trash combustion facilities. The measure would also create a new category of qualifying facilities – those that generate electricity from marine renewables. The package would cap the aggregate amount of tax credits that can be earned for qualifying facilities placed in service after December 31, 2008 to an amount that has a present value equal to 35 percent of the facility’s cost. The proposal to extend and modify the production tax credit is estimated to cost $6.6 billion over 10 years. The bill would also extend the 30 percent investment tax credit for solar and fuel cells, and the 10 percent credit for microturbines for eight years through December 31, 2016 and create a new 10 percent investment tax credit for combined heat and power property. The measure would also increase the cap on fuel cell credits from $500 per half kilowatt hour to $1,500. The investment tax credit extension is estimated to cost $602 million over 10 years.
CONGRESS TO CONSIDER ENERGY LEGISLATION
WASHINGTON, D.C. – December 4, 2007
Reports today indicate that congressional negotiators will soon release details of an energy bill. Currently being referred to as the Energy Independence and Security Act, the legislation includes a $21 billion tax package that includes multiyear extensions of solar and wind energy tax credits. A summary of the legislation being circulated includes the a requirement for a 40 percent increase in automobile fuel efficiency, an increase in the use of ethanol as a motor fuel, and tax credits for conservation and energy efficiency. The legislation would also require all nonpublic utilities to use solar, wind or other renewable energy to produce 15 percent of their electricity. The House is expected to vote this week on the measure.
November
WIND ENERGY FACILITY INSTALLATION TO RISE 63 PERCENT IN 2007
WASHINGTON, D.C. – November 8, 2007
Continuing a major growth trend, the American Wind Energy Association (AWEA) this week announced a substantial increase in the projected installation of new wind energy facilities in 2007. Previous projections for a record-setting 3,000 megawatts (MW) of new wind power capacity in 2007 have been raised and in its third quarter market report AWEA reports that the U.S. wind energy industry is currently on track to complete a total 4,000 MW in 2007. This capacity far exceeds its 2006 record of 2,454 MW, and is expected to generate enough new electricity to power the equivalent of more than one million homes. To sustain this success and foster further growth, the group called on congressional leaders to pass legislation that extends the federal production tax credit (PTC) and establishes a national standard for renewable electricity. The PTC for renewable energy is currently set to expire in December 2008.
October
RETC EXTENSION MAY STILL BE POSSIBLE THIS YEAR
WASHINGTON, D.C. – October 31, 2007
The Senate Finance Committee this week posted on its web site a briefing book prepared to provide the committee with information on energy tax issues. The book contains 15 sections, including one section each on the renewable energy production tax credit (PTC) under Internal Revenue Code (IRC) Section 45, and the renewable energy investment tax credit (ITC) under Section 48. Both the House and Senate considered energy legislation this summer that would have extended the renewable energy tax credits (RETCs) and reports indicate that negotiations on these provisions are ongoing, but it remains unclear whether extensions will be passed this year.
To hear the latest on the legislative progress of extensions for the production and investment RETCs, join Novogradac & Company LLP at the Financing Renewable Energy Conference: Using Tax Credits to Finance Solar, Wind, and Other Renewable Sources, November 8-9 in Miami, Fla.
IRS PROVIDES SAFE HARBOR GUIDANCE FOR ENERGY TAX CREDITS
WASHINGTON, D.C. – October 19, 2007
The Internal Revenue Service (IRS) today in Revenue Procedure 2007-65 provides the necessary requirements for partnerships to meet a safe harbor in allocating wind energy production tax credits under Section 45.
To discuss this guidance and other important topics, join Novogradac & Company LLP November 8-9 in Miami, Fla. for the Financing Renewable Energy Conference.
September
PANELISTS SUPPORT TAX INCENTIVES FOR RENEWABLE ENERGY AT HOUSE SUBCOMMITTEE HEARING
WASHINGTON, D.C. – September 27, 2007
Renewable energy tax incentives, including the Section 45 production tax credit, have been key to some recent growth by small businesses in the renewable energy sector and should be continued, according to testimony at a hearing yesterday before the House Small Business Committee’s subcommittee on contracting and technology. Panelists from the alternative fuel sector spoke at the hearing on small business renewable energy tax incentive possibilities about the challenges they face, and examined the need for additional changes in the tax code to create incentives and spur investment.
August
USDA AWARDS $97 MILLION FOR RENEWABLE ENERGY PROJECTS
WASHINGTON, D.C. – August 24, 2007
The U.S. Department of Agriculture (USDA) this week announced the award of $97 million in guaranteed loans to help businesses in Georgia, Illinois and North Carolina create jobs and develop renewable energy systems. The funding was made available through USDA's Renewable Energy and Energy Efficiency (Section 9006) guaranteed loan program and the Business and Industry (B&I) guaranteed loan program. The Section 9006 program provides financial assistance to agricultural producers and rural small businesses to install renewable energy projects or make energy efficiency improvements. USDA says the B&I program complements the existing private credit structure by guaranteeing loans that will provide lasting community and economic benefits, such as for business expansions.
HOUSE PASSES ENERGY TAX CREDIT EXTENSIONS
WASHINGTON, D.C. – August 6, 2007
The House of Representatives on August 4 approved a $16 billion package of tax incentives that would extend by four years - through 2012 - the renewable energy production tax credits under Internal Revenue Code Section 45 for the production of power from wind, biomass, landfill gases and other technologies. H.R. 2776, approved by 220-189 vote, would also extend for eight years the 30 percent investment tax credit for solar and fuel cell property and make modifications to clean renewable energy bonds. The text of H.R. 2776 was added to H.R. 3221, a separate energy bill that passed earlier in the day; the combined bill will go into conference with the Senate.
To discuss the extension of the investment and production tax credits and other developments in the renewable energy industry, join Novogradac & Company LLP November 8-9 in Miami, Fla. for the Financing Renewable Energy Conference.
July
IRS INVITES COMMENT ON FORM 8835
WASHINGTON, D.C. – July 6, 2007
The Internal Revenue Service (IRS) today invited comments concerning Form 8835, Renewable Electricity Production Credit. Form 8835 is used to claim the renewable electricity production credit. The IRS says two lines have been added to Form 8835. Written comments will be accepted through September 4, 2007.
OREGON INCREASES BUSINESS ENERGY TAX CREDIT
SALEM, Ore. – July 3, 2007
Oregon's Business Energy Tax Credit (BETC) was increased from 35 percent to 50 percent of eligible renewable project costs in a bill passed by the Legislature and signed by Gov. Ted Kulongoski last month. House Bill 2211, which was later added to H.B. 3201, also increased the project cost limit under the BETC from $10 million to $20 million. Click here for more information.
June
GE INVESTS IN WIND ENERGY IN NEW YORK
ESSEX and STAMFORD, Conn – June 28, 2007
GE Energy Financial Services, a unit of GE, will help boost wind energy capacity in New York State by more than 70 percent with an investment in three Noble Environmental Power windparks that will generate 282 megawatts in Clinton and Wyoming counties. The GE unit's first investment in wind energy in New York State will increase the state's wind energy capacity to 671 megawatts. The projects, located in the towns of Clinton and Ellenburg in Clinton County, and Bliss in Wyoming County, represent a $564 million investment in clean, renewable energy that will bring an estimated $352 million in new revenue to the regional economies over the next 20 years.
DEPARTMENT OF ENERGY TO INVEST AS MUCH AS $4 MILLION FOR WIND TURBINE BLADE TESTING FACILITIES
WASHINGTON, D.C. – June 28, 2007
The U.S. Department of Energy (DOE) this week announced it selected the Commonwealth of Massachusetts Partnership in Massachusetts and the Lone Star Wind Alliance in Texas to each receive as much as $2 million in test equipment to develop large-scale wind blade test facilities, accelerating the commercial availability of wind energy. These consortia were selected to negotiate cooperative research and development agreements (CRADAs) to design, build and operate new facilities to test the next generation of wind turbine blades. The facilities are expected to be operational in 2009.
STUDY PROJECTS WIND POWER GROWTH
CAMBRIDGE, Mass. – June 27, 2007
With Texas, California, New York, Minnesota, Colorado and Washington at the forefront of wind project development, the United States wind power market is expected to reach a cumulative installed wind capacity of nearly 49,000 megawatts by 2015, according to a study released last week by Emerging Energy Research (EER). In addition, EER expects investments in new transmission capacity will also play a central role in determining the timing and geographic focus of new wind opportunities and suggests that a combination of federal and state renewable energy policy incentives, such as the renewable energy production tax credit (PTC), will be crucial to spur the transmission expansion into high-wind resource areas that will be necessary to continue driving growth in the domestic wind market.
IBERDOLA SA ACQUIRES ENERGY EAST CORPORATION
PORTLAND, Me. – June 26, 2007
The boards of Spanish energy company Iberdola SA and Energy East Corporation yesterday announced a merger agreement under which Iberdola will acquire Energy East. Iberdola says the transaction also allows it to optimize its current presence in the renewable energy business in the United States, the second largest market globally. For example, Iberdola plans to support Energy East's efforts by exploring opportunities to expand its wind generation portfolio, which includes the upstate New York-based Maple Ridge wind generating facility -- the largest such facility on the East Coast.
SENATE PASSES ENERGY BILL WITHOUT TAX CREDIT EXTENSIONS
WASHINGTON, D.C. – June 22, 2007
The Senate last night passed H.R. 6, the CLEAN Energy Act of 2007. The version of the bill approved by the full Senate did not include the package of tax incentives approved by the Finance Committee earlier this week that would have extended the energy production and investment tax credits. Finance Committee Chairman Max Baucus, D-Mont., voted in favor of the legislation but following the vote he released a statement that said the inclusion of targeted tax incentives would have strengthened the bill.
HOUSE COMMITTEE PASSES FIVE-YEAR ENERGY CREDIT EXTENSION
WASHINGTON, D.C. – June 21, 2007
The House Ways and Means Committee yesterday passed H.R. 2776, the Renewable Energy and Energy Conservation Bill of 2007, by a vote of 24 to 16. The $15.2 billion bill would extend and modify the renewable energy production tax credit for qualifying facilities through December 31, 2012.
FINANCE COMMITTEE SENDS ENERGY TAX PACKAGE TO FULL SENATE, HOUSE COMMITTEE TO CONSIDER ITS VERSION TODAY
WASHINGTON, D.C. – June 20, 2007
By a vote of 15 to 5, the Senate Finance Committee yesterday approved an updated package of energy tax incentives for consideration by the full Senate. The package has a five-year extension of the clean energy production tax credit, establishes new tax credits to encourage sequestration of carbon emissions from coal projects, and extends tax incentives for solar, wind and microturbine energy projects. Committee Chair Sen. Max Baucus, D-Mont., last night offered the package as an amendment to H.R. 6, the CLEAN Energy Act of 2007, currently on the Senate floor.
Meanwhile, House Ways and Means Committee Chairman Rep. Charles Rangel, D-N.Y., yesterday introduced H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007, which extends the 30 percent investment tax credit for solar energy property and qualified fuel cell property for eight years. The measure also extends the placed-in-service date for four years for qualifying wind and other facilities; it also adds a new category of qualifying facilities -- facilities that generate electricity from marine renewables (e.g., waves and tides). H.R. 2776 is scheduled for consideration before the full committee today. Click here for the Joint Committee on Taxation’s description of the measure and estimated revenue effects.
SENATE COMMITTEE CONSIDERS FIVE-YEAR ENERGY CREDIT EXTENSION
WASHINGTON, D.C. – June 19, 2007
The Senate Finance Committee this morning met to consider a modified version of a package of energy tax incentives introduced last week. The modified chairman's mark totals approximately $29 billion, up from the original's estimated cost of $13.7 billion because of changes to several of the tax incentive provisions. Among the changes, the modified version would extend the clean energy production tax credit under Section 45 of the Internal Revenue Code for five years instead of two, raising the cost from $5.6 billion over 10 years to $10.1 billion over 10 years. The Joint Committee on Taxation released an updated description of the chairman's modification to the provisions of the "Energy Advancement and Investment Act of 2007" as well as an update to the estimated revenue effects of the measure.
IRS UPDATES ADDRESSES FOR CREB APPLICATIONS
WASHINGTON, D.C. – June 18, 2007
The Internal Revenue Service (IRS) today released an advanced copy of Notice 2007-56, which announces a change of address for submission by mail of applications for allocations of the national clean renewable energy bond (CREB) volume limitation. This notice will be formally published in Internal Revenue Bulletin 2007-27, dated July 2, 2007.
SEN. BAUCUS PROPOSES TWO-YEAR EXTENSION OF ENERGY CREDITS
WASHINGTON, D.C. – June 15, 2007
Senate Finance Committee Chairman Max Baucus, D-Mont., yesterday unveiled a package of energy tax incentives that would create several new incentives and extend and modify existing tax credits. Among other things, the Energy Advancement and Investment Act of 2007 would modify and extend for two years the clean energy production tax credit under Section 45 of the Internal Revenue Code. It would also extend through 2010 the 30 percent investment tax credit under Section 48 for solar, fuel cells and 10 percent investment tax credit for microturbines. The Senate Finance Committee scheduled a markup of the bill on June 19. In preparation for the hearing the Joint Committee on Taxation provided a description of the measure and its estimated revenue effects.
NEW NOTICES: ADVANCED COAL, GASIFICATION PROJECT TAX CREDITS
WASHINGTON, D.C. – June 7, 2007
The Treasury Department and the Department of Energy (DOE) today released new instructions for applying for the tax credits for advanced coal projects and gasification projects that provide additional time to submit applications. For the 2007-2008 allocation round, applications for DOE certification are not due until October 31, 2007. IRS Notices 2007-52 and 2007-53, outline the procedures for allocation of credits under the advanced coal project program and the qualifying gasification project program, respectively, as well as modifications made from last year's application and allocation processes. Under the new credit allocation process, the DOE will rank a certified project relative to other certified projects and up to approximately $650 million of credits will be allocated to projects based on the ranking.
May
DOE SOLAR PROGRAM ANNOUNCES FUNDING OPPORTUNITY
WASHINGTON, D.C. – May 30, 2007
The U.S. Department of Energy's Solar Energy Technologies Program last week released a funding opportunity announcement (FOA) for companies to develop storage solutions, manufacturing approaches and new system concepts for large-scale concentrating solar power (CSP) plants. DOE says CSP technologies are one of the most attractive renewable energy options for large-scale power generation in the U.S. Southwest, which is home to 15 of the 20 fastest-growing metro areas in the country. Click here for more information.
ENERGY DEPT. AWARDS $22.7 MILLION FOR BASIC SOLAR ENERGY RESEARCH
WASHINGTON, D.C. – May 29, 2007
The U.S. Department of Energy (DOE) last week announced $22.7 million in basic research projects aimed at improving the capture, conversion and use of solar energy. The research is intended to help increase the amount of solar power in the nation's energy supply. DOE's Office of Science selected 27 projects that will focus on fundamental science to support enhanced use of solar energy. Universities and national laboratories in 18 states will conduct the research. DOE plans to fund additional projects in fiscal year 2008.
OREGON PASSES RENEWABLE ENERGY STANDARD
SALEM, Ore. – May 29, 2007
The Oregon House of Representatives last week passed Senate Bill 838, the Oregon Renewable Energy Act, by a vote of 41 to 18. The legislation enacts a renewable energy standard requiring Oregon's largest utilities to obtain 25 percent of their electricity from clean, homegrown renewable energy sources by 2025. It previously passed the Oregon Senate 20-10 on April 10. The bill will now head back to the Senate for concurrence before being sent to the governor's desk where it is expected to be signed into law.
CLEAN COAL TAX CREDIT ALLOCATION REQUESTS DUE JUNE 30
WASHINGTON, D.C. – May 9, 2007
Applications for the 2007 allocation for clean coal projects are due to the Department of Energy (DOE) on or before June 30, 2007, according to an information release published today by the Internal Revenue Service (IRS). Contrary to the expectation stated in an earlier information release, the IRS no longer expects to change the deadline to June 1. The Energy Policy Act of 2005 authorized $1.65 billion in tax credits for clean coal projects. Approximately $650 million of this amount is available for allocation to clean coal projects in 2007. Of this total, $267 million will be available for integrated gasification combined cycle (IGCC) sub-bituminous coal projects, $133 million will be available for IGCC lignite projects, $250 million will be available for non-IGCC advanced coal electricity generation projects and $337,000 will be available for gasification projects. IRS Notices 2006-24 and 2006-25 provide complete instructions for submitting an application for the 2007 credit allocation.
BILL WOULD EXTEND ENERGY PRODUCTION TAX CREDIT THROUGH 2012
WASHINGTON, D.C. – May 9, 2007
Sen. John Thune, R-S.D., last week introduced S. 1291, the Wind Energy Development Act of 2007, to extend and modify the renewable energy production credit. The measure would extend through 2012 the current renewable energy production tax credit (PTC), which is set to expire in 2008. S. 1291 would also increase the amount of available clean renewable energy bonds to $2.25 billion.
U.S. LEADS WORLD IN GEOTHERMAL ENERGY CAPACITY
WASHINGTON, D.C. – May 1, 2007
The United States continues to be the world leader in online capacity of geothermal energy and the generation of electric power from geothermal energy, according to a report released today by the U.S. Geothermal Energy Association (GEA) assessing the progress in worldwide geothermal development since 2005. The report, "Update on World Geothermal Development," credits federal tax incentives enacted by Congress in 2005 (the production tax credit) for a new wave of geothermal development. U.S. geothermal power capacity is expected to nearly double in the next few years.
April
HOUSE COMMITTEE HEARS SUPPORT FOR RETC EXTENSION
WASHINGTON, D.C. – April 25, 2007
More than 20 members of Congress testified yesterday before the House Ways and Means Select Revenue Measures Subcommittee about proposals on tax incentives for alternative energy sources that have been introduced in the 109th and 110th Congress that may be included in final energy legislation to be considered on the House floor by early July. Many of the House members' statements expressed support for an extension of renewable energy tax credits.
Join Novogradac & Company LLP at the Financing Renewable Energy Conference May 2-3 in San Francisco to discuss current legislative proposals to extend energy tax credit programs.
NATIONAL COMMISSION RECOMMENDS FIVE-YEAR EXTENSION OF RETC
WASHINGTON, D.C. – April 23, 2007
The National Commission on Energy Policy last week called for a five-year extension of current federal production tax credits for renewable energy. In its report, "Energy Policy Recommendations to the President and the 110th Congress," released last week, the commission suggests a series of recommendations to address the nation's leading energy challenges, including the adoption of a national renewable energy standard.
HOUSE SUBCOMMITTEE TO EXAMINE ENERGY TAX POLICY AND PROPOSALS
WASHINGTON, D.C. – April 18, 2007
Rep. Richard E. Neal, D-Mass., announced two hearings this month that will focus on energy and tax policy. The House Ways and Means Subcommittee on Select Revenue Measures will hold a hearing on April 19 that will focus on the utility of tax incentives in encouraging the further development, expanded production and increased utilization of clean and renewable energy. A second hearing on April 24 will give House members the opportunity to speak on behalf of specific tax proposals they have introduced in the 109th or 110th Congress that would encourage the development of alternative energy sources, or that would act to reduce carbon dioxide emissions. Novogradac & Company LLP will follow the hearings and report on updates as soon as they become available.
AWEA DATA SHOW STRONG GROWTH IN WIND POWER INDUSTRY
WASHINGTON, D.C. – April 12, 2007
The U.S. wind energy industry installed more than 2,400 megawatts (MW) of new power generation in 2006, an investment of about $4 billion, making wind one of the largest sources of new power generation in the country, according to data released yesterday by the American Wind Energy Association (AWEA). The group’s annual rankings of wind energy development list the states that generate the most electricity from wind, the nation’s largest wind farms, leading suppliers of wind turbines, largest owners of wind projects, utilities that use the most wind power for their customers and other industry information such as congressional districts with most wind power installed. AWEA contends that a long-term extension of the renewable energy production tax credit (PTC) is crucial to sustain this growth, noting that previous short-term extensions have led to a boom-and-bust cycle in the wind industry.
Join Novogradac & Company LLP at the Financing Renewable Energy Conference May 2-3 in San Francisco to discuss current legislative proposals to extend energy tax credit programs.
GOVERNORS URGE CONGRESS TO RENEW RETC
WASHINGTON, D.C. – April 11, 2007
The National Governors Association(NGA) yesterday urged Congress to expand the alternative fuels standard, enhance transportation fuel efficiency, extend renewable energy tax credits, incentivize carbon capture and sequestration technologies, boost energy efficiency and conservation, and increase funds to promote advanced technologies. Click here for more information.
March
SENATE COMMITTEE FOCUSES ON RENEWABLE ENERGY INCENTIVES
WASHINGTON, D.C. – March 29, 2007
Senate Finance Committee Chairman Max Baucus, D-Mont., today said he supports a long-term extension of the production tax credit for renewable energy as part of future energy legislation. The Senate Finance Committee today heard testimony in support of a five-year to 10-year extension of the Section 45 production tax credit for renewable energy projects. Click here for copies of Baucus's opening statement and witness testimony.
IRS SETS INFLATION ADJUSTMENT FACTORS UNDER SECTION 45
WASHINGTON, D.C. – March 29, 2007
The Internal Revenue Service (IRS) today issued a notice that sets out the 2007 calendar year inflation adjustment factors and reference prices used to determine the availability of the tax credit for renewable electricity production, refined coal production, and Indian coal production under Internal Revenue Code (IRC) Section 45. The inflation adjustment factor for calendar year 2007 for qualified energy resources and refined coal is 1.3433. Click here for more information.
HOUSE BILL GAINS CO-SPONSORS
WASHINGTON, D.C. – March 27, 2007
Six congressmen yesterday signed on as co-sponsors to H.R. 550, bringing the total number of co-sponsors to 46. H.R. 550, the Securing America's Energy Independence Act of 2007, would extend through 2016 the energy tax credit for solar energy property and qualified fuel cell property and the tax credit for residential energy efficient property expenditures.
USDA ANNOUNCES AVAILABILITY OF ENERGY EFFICIENCY, RENEWABLE ENERGY LOANS, GRANTS
WEST LAFAYETTE, Ind. – March 21, 2007
U.S. Department of Agriculture (USDA) Secretary Mike Johanns today announced the availability of $176.5 million in loan guarantees and $11.4 million in grants to support investments in renewable energy and energy efficiency improvements by agricultural producers and small businesses. The USDA's Renewable Energy and Energy Efficiency loan and grant program provides loan guarantees and grants to agricultural producers and rural small businesses for the purchase and installation of renewable energy systems or for energy efficiency improvements. Loan guarantees cover up to 50 percent of a project's cost, not to exceed $10 million. Grants are available for up to 25 percent of a project's cost, not to exceed $250,000 for energy efficiency improvements and $500,000 for renewable energy systems.
IRS INVITES APPLICATIONS FOR RENEWABLE ENERGY BONDS
WASHINGTON, D.C. – March 15, 2007
The Internal Revenue Service (IRS) in a notice today invited applications for the allocation of the available clean renewable energy bond (CREB) national limitation under Internal Revenue Code (IRC) Section 54. Notice 2007-26 also provides other guidance with respect to the issuance and post-issuance compliance of CREBs. The notice will be published in Internal Revenue Bulletin 2007-14, dated April 2, 2007.
February
COMPANION EXENTENSION BILL INTRODUCED IN SENATE
WASHINGTON, D.C. – February 14, 2007
Sen. Gordon Smith, R-Ore., today introduced S. 590, the Securing America's Energy Independence Act of 2007. S. 590 is the companion bill to H.R. 550, introduced last month in the House, that would extend through 2016 the energy tax credit for solar energy property and qualified fuel cell property and the tax credit for residential energy efficient property expenditures. The measure has 13 co-sponsors and upon introduction was referred to the Senate Finance Committee.
January
HOUSE BILL WOULD EXTEND ENERGY TAX CREDITS
WASHINGTON, D.C. – January 17, 2007
Rep. Michael McNulty, D-N.Y., today introduced H.R. 550, the Securing America's Energy Independence Act of 2007, to extend through 2016 the energy tax credit for solar energy property and qualified fuel cell property and the tax credit for residential energy efficient property expenditures. The bill also allows these credits to be applied against alternative minimum tax liability, includes advanced energy storage systems as energy property for purposes of the tax credit, provides for a special credit amount for solar photovoltaic energy property and residential energy efficient property based upon kilowatt capacity, and allows accelerated depreciation (three-year recovery period) for solar energy and fuel cell property. Upon introduction, H.R. 550 was referred to the House Committee on Ways and Means.