SEN. BAUCUS PROPOSES TWO-YEAR EXTENSION OF ENERGY CREDITS
Senate Finance Committee Chairman Max Baucus, D-Mont., yesterday unveiled a package of energy tax incentives that would create several new incentives and extend and modify existing tax credits. Among other things, the Energy Advancement and Investment Act of 2007 would modify and extend for two years the clean energy production tax credit under Section 45 of the Internal Revenue Code. It would also extend through 2010 the 30 percent investment tax credit under Section 48 for solar, fuel cells and 10 percent investment tax credit for microturbines. The Senate Finance Committee scheduled a markup of the bill on June 19. In preparation for the hearing the Joint Committee on Taxation provided a description of the measure and its estimated revenue effects.