ITC, PTC Extension Included in GREEN Act Discussion Draft

Tuesday, November 19, 2019 - 10:00am

Rep. Mike Thompson, D-Calif., and Democrats on the House Ways and Means Committee today released a discussion draft and section-by-section summary of the Growing Renewable Energy and Efficiency Now (GREEN) Act, which delays the phasedown of the renewable energy production tax credit (PTC) and investment tax credit (ITC) until after 2024. The PTC for wind would be extended at its current 60 percent phasedown rate through 2024 and the ITC for solar would delay its gradual phasedown in 2025, rather than 2020. The GREEN Act would also expand the ITC to include energy storage technology. The legislation would create energy credits for manufacturers and would extend the Section 25D, Section 179D and Section 45L energy-efficiency deductions and credits through 2024.