SENATE MAY CONSIDER ENERGY TAX CREDIT EXTENSIONS THIS WEEK
Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Chuck Grassley, R-Iowa, yesterday announced an agreement with the Senate’s Democratic and Republican leadership to move legislation that includes the $40 billion package of energy tax incentives unveiled last week by Sens. Baucus and Grassley, as well as a patch for the alternative minimum tax (AMT), $7 billion in disaster relief for the Midwest, and two year extensions of expired expiring business tax provisions. The energy tax incentives include an extension of the placed-in-service date for the renewable energy production tax credit (PTC) through December 31, 2011, and an extension through 2016 of the renewable energy investment tax credit (ITC). Senators may vote this week to replace the current text of H.R. 6049, energy and tax extender legislation approved in the House earlier this year, with the revised tax extenders language.
To learn more about the efforts to extend renewable energy tax incentives, join Novogradac & Company LLP November 13 - 14 in Washington, D.C. for the Financing Renewable Energy Conference.