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Legislation to establish renewable energy investment tax credits (ITCs) and production tax credits (PTCs) for the domestic manufacturing of onshore wind energy components was introduced in both houses of Congress. The Onshore Wind American Manufacturing Act would create a 30% ITC for U.S.-based facilities that manufacture or assemble qualified onshore wind components.
Rep. Dan Kildee, D-Michigan, introduced the Solar Energy Manufacturing for America Act, a bill aimed at boosting solar panel manufacturing jobs in America by providing tax credits at every stage of the solar manufacturing supply chain, from polysilicon production to solar cells to fully assembled solar modules.
Three members of the House of Representatives today introduced legislation that would create a tax credit for the production of “green” and “blue” hydrogen. The Clean Hydrogen Production and Investment Tax Credit Act of 2021 (H.R. 5192) would provide the tax credit to companies that reduce carbon emissions by the production of hydrogen. The credit would be worth an applicable amount (a sliding percentage, based on the production method, multiplied by $3, adjusted for inflation) multiplied by the kilograms of qualified clean energy produced by the taxpayer during the taxable year.
Nine members of the House of Representatives introduced legislation to allow solar energy to qualify for a full value production tax credit (PTC). H.R. 5175 would extend the federal PTC to electricity produced by solar energy. The legislative text was not immediately available. The nine House members–including eight members of the Ways and Means Committee and one member of the Energy and Commerce Committee–introduced the legislation ahead of the Ways and Means Committee markup of the budget reconciliation package.
The House of Representatives approved the fiscal year 2022 budget resolution Tuesday, unlocking forthcoming $3.5 trillion reconciliation legislation that will likely include a significant expansion of the low-income housing tax credit (LIHTC), creation of the neighborhood homes tax credit (NHTC) to incentivize the development and rehabilitate single-family housing in distressed neighborhoods and more funding for a wide variety of U.S. Department of Housing and Urban Development (HUD) programs. In addition to these resources, the forthcoming reconciliation legislation possibly could include the creation of the middle-income housing tax credit (MIHTC) to serve renters earning just above LIHTC income limits and expansion and enhancement for the federal historic tax credit (HTC), permanence and expansion of new markets tax credit (NMTC), extension and substantial expansion of renewable and clean energy tax credits
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