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Renewable Energy Tax Credit News Briefs – April 2020
Renewable Energy Briefs
Renewable energy tax credit announcements related to COVID-19 are available at www.novoco.com/coronavirus.
Twenty-seven senators, led by Senate Finance Committee Ranking Member Ron Wyden, sent a letter dated Feb. 11 asking Senate Finance Committee Chairman Chuck Grassley, R-Iowa, to hold a hearing on tax policies to incentivize green energy policies. The letter notes that nearly three dozen different energy bills have been introduced in Congress and highlighted a variety of energy issues. The letter says the Finance Committee has not held a hearing on energy tax policy during the past two sessions of Congress. In response, Sen. Grassley Feb. 13 released a letter stating that he has worked for energy tax incentive extensions, but that an insistence on a major expansion of the electric vehicle tax credit derailed broader efforts—including in the year-end tax legislation discussion—to extend or expand other energy incentives.
A report released Feb. 26 by the U.S. Energy Information Administration reported that wind has surpassed hydroelectric as the most-used renewable electricity generation source in the United States in 2019. According to the report, the increase in wind production is, in part, because of the production tax credit and its recent extension.