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Bipartisan Group of Senators Asks Treasury to Extend RETC Safe Harbor Provisions

Friday, April 24, 2020 - 11:00AM

A bipartisan group of six senators–including the chairman and ranking member of the Senate Finance Committee–Thursday sent a letter to the Treasury Department, urging an extension of safe harbor provisions for the renewable energy investment tax credit (ITC) and production tax credit (PTC). Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., were joined by Sens. John Thune, R-S.D., Maria Cantwell, D-Wash., Lisa Murkowski, R-Alaska, and Joe Manchin, D-W.Va., in signing the letter, which asks for a one-year extension– from four years to five years–of the continuity safe harbor for projects that began construction in 2016 or 2017. Their letter says, “this modest adjustment to the PTC and ITC guidance would help preserve tens of thousands of jobs and billions of dollars in investments and provide some certainty in these challenging times.”

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