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SENS. BAUCUS, D-MONT., AND GRASSLEY, R-IOWA, TO INTRODUCE LEGISLATION TO EXTEND CERTAIN RETCS

Thursday, April 17, 2008 - 1:30AM

U.S. Senate Finance Committee Chairman Max Baucus, D-Mont., and Ranking Member Charles Grassley, R-Iowa, today unveiled plans to introduce a bill that would make provisions to a series of energy tax credit programs, including an extension of the 30 percent investment tax credit for solar energy property and qualified fuel cell property, as well as the 10 percent investment tax credit for microturbines for one year (through 2009). It also includes an increase of $400 million to the Clean Renewable Energy Bonds (CREBs) program for bonds issued after December 31, 2008. Additionally, the legislation would extend through 2009 the New Markets Tax Credit (NMTC) program, which is set to expire December 31, 2008. The bill, which could be read by the Committee as soon as April 28, would also increase the alternative minimum tax (AMT) exemption and allow nonrefundable personal credits against AMT.

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