GREEN Act Reintroduced in House; Bill Would Extend PTC, ITC
Rep. Mike Thompson, D-California, and 24 co-sponsors reintroduced the Growing Renewable Energy and Efficiency Now (GREEN) Act, legislation that extends the renewable energy production tax credit (PTC) and investment tax credit (ITC) for certain resources, including wind and solar. The GREEN Act, which was also introduced in the previous session of Congress, would extend the 30% ITC for solar and geothermal through the end of 2025, before beginning a phasedown. Other property currently eligible for the ITC would be extended through the end of 2026, then begin a phasedown, while energy storage technology and linear generators would become eligible for the ITC. The Section 179D energy-efficient commercial buildings deduction would increase from $1.80 to $3 per square foot starting in 2022 and the Section 45L new energy-efficient home credit would be extended through 2026. The bill would also extend the PTC for wind energy at the current level of 60% through the end of 2026. The PTC for landfill gas, trash, qualified hydropower and marine and hydrokinetic renewable energy facilities would also be extended. In addition to the text of the legislation, Thompson’s office released a topline summary and section-by-section summary of the bill.
The GREEN Act will be a topic of discussion at the Novogradac 2021 Financing Renewable Energy Tax Credits Virtual Conference, May 20-21.