Bill Introduced to Temporarily Extend, Then Replace ITC, PTC

Tuesday, September 22, 2015 - 2:45pm

Sens. Harry Reid, D-Nev., Chuck Schumer, D-N.Y., and Ron Wyden, D-Ore., today introduced the American Energy Innovation Act. Among other things, the bill would extend the current renewable energy investment tax credit (ITC) and production tax credit (PTC) through Dec. 31, 2017. The current credits would then be replaced with a new, technology-neutral 30 percent ITC and PTC at 2.3 cents per KWh that would phase out when reduced greenhouse gas emission targets are achieved. The bill would also revise the energy efficient homes incentives for new and existing buildings, including Sections 45L and 179D, to provide performance-based incentives based on energy savings. A section-by-section description and tax summary are available.