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Baucus Energy Tax Reform Proposal Replaces PTC, ITC

Wednesday, December 18, 2013 - 8:00AM

Senate Finance Committee Chairman Max Baucus, D-Mont., today released a discussion draft for energy tax reform that would consolidate almost all existing energy tax credits into two new tax credits: one for clean electricity production and one for clean transportation fuel. The electricity production tax credit would replace several existing incentives, including the production tax credit (Sec. 45) and investment tax credit (Sec. 48). The PTC and ITC would remain available until 2016. The new tax credits would be available as either production or investment tax credits. The new credits would be phased out once the country’s greenhouse gas intensity reaches a level that is 25 percent lower than that of 2013.

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