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SENATE ECONOMIC RECOVERY PROPOSAL WOULD EXTEND RETC

Friday, January 23, 2009 - 1:00AM

The Senate Finance Committee today unveiled the details of its proposal for an economic recovery package, which includes provisions related to renewable energy tax credits. The American Recovery and Reinvestment Act would extend for three years, through December 31, 2012, the placed-in-service date for wind facilities and allow facilities placed in service in 2009 and 2010 to elect the investment tax credit in lieu of the production tax credit. These provisions are also included in the House version of the economic recovery legislation, which was introduced last week and passed by the Ways and Means Committee yesterday. The Senate Finance Committee is scheduled to hold a hearing on the American Recovery and Reinvestment Act on January 27.

Tune in to the Tax Credit Tuesday podcast on January 27 to hear Michael J. Novogradac, CPA, discuss the latest developments in the ongoing consideration of the Senate and House economic recovery proposals.

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