TAX CORRECTIONS ACT WOULD AMEND RENEWABLE ENERGY RULES
Ways and Means Committee Chairman Charles B. Rangel, D-N.Y., and Ranking Member Dave Camp, R-Mich., yesterday introduced H.R. 4169, the Tax Technical Corrections Act of 2009. The proposed bill would make technical corrections to several tax laws, including changes to the election to claim the section 48 investment tax credit in lieu of the section 45 production tax credit created by Section 1102 of the Recovery Act, and changes to the grants in lieu of section 45 and 48 credits under Section 1603 of the Recovery Act. Click here for a description of the provisions of H.R. 4169. Reports indicate that Senate Finance Committee leaders are expected to introduce companion legislation.