Administration Budget Proposes Permanent ITC, PTC
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.