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SENATE BILL WOULD EXTEND WIND PTC, OTHER ENERGY CREDITS

Friday, October 1, 2010 - 7:00AM

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman, D-N.M. and Small Business and Entrepreneurship Committee Ranking Member Olympia J. Snowe, R-Maine, on Wednesday introduced S. 3935, the Advanced Energy Tax Incentives Act of 2010. Among other things, the bill would extend the offshore wind production tax credit; provide Section 45L credits for low-income housing tax credit properties; provide an additional $2.5 billion in Advanced Energy Manufacturing Tax Credits (Section 48C); allocate $1 billion for a new tax credit, similar to the 48C credit, to promote efficiency in existing facilities; authorize $1.5 billion for energy storage property connected to the grid and make such property eligible for Clean Renewable Energy Bonds; and modify the existing carbon capture and storage tax credit and increase the credit amount and ceiling. The bill was referred to the Senate Finance Committee.

A summary of S. 3935 can be found on the Renewable Energy Tax Credit Resource Center’s legislation page and the bill text will be posted to www.energytaxcredits.com when it becomes available.

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