GRASSLEY BILL WOULD EXTEND ENERGY, BUSINESS TAX INCENTIVES
Sen. Chuck Grassley, R-Iowa, yesterday introduced the Clean Renewable Energy Advancement Tax Extension Jobs (CREATE Jobs) Act of 2009. The measure, S. 2826, would extend the tax credit for the production of electricity from wind and open-loop biomass through December 31, 2016. The bill also increases the amount of bond authority for new clean renewable energy bonds used to finance facilities that generate electricity from wind, closed-loop biomass, open-loop biomass, geothermal, small irrigation, hydropower, landfill gas, marine renewable, and municipal trash combustion facilities. For all businesses, S. 2826 extends for one year the 50 percent first-year bonus depreciation allowance that is scheduled to expire at the end of this year. In a statement about the bill’s introduction, Grassley says the provision is helpful to wind energy businesses for investment in turbines and related equipment.
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