The Internal Revenue Service (IRS) published a notice that provides the inflation adjustment factors to calculate the renewable energy production tax credit (PTC) for 2019. The PTC for electricity produced from wind–as well as closed-loop biomass and geothermal energy–increased from 2.4 cents per kWH to 2.5 cents. The notice also includes the PTC amounts for other forms of energy.
Senate Finance Committee Chairman Chuck Grassley, R-Iowa, and Ranking Member Ron Wyden, D-Ore., today formed five task forces to examine expired and expiring tax extenders. The task forces will cover workforce and community development, health taxes, energy, business cost recovery and individual excise taxes and other temporary policies. There will be a sixth task force for related issues of temporary disaster tax relief.
Reps. Earl Blumenauer, D-Ore., and Darin LaHood, R-Ill., today introduced the Renewable Energy Transferability Act, which would allow the transfers of the renewable energy investment tax credit and production tax credit. Provisions would apply to taxable years beginning after the date of the bill’s enactment.
Sen. Ron Wyden, D-Ore., and 24 co-sponsors introduced legislation to create a clean energy production tax credit (PTC) and investment tax credit (ITC) that would consolidate the current 44 current energy incentives. The Clean Energy for America Act of 2019 would create a PTC of up to 2.4 cents per kilowatt-hour for facilities that are at least 35 percent cleaner than average and a 30 percent ITC for facilities with zero carbon emissions.
Rep. Mike Doyle, D-Pa., and two colleagues introduced legislation to expand the renewable energy investment tax credit (ITC) to included energy storage technology. The Energy Storage Tax Incentive and Deployment Act of 2019 would be effective for property placed in service after Dec. 31, 2018, and would subject storage technology to the phasedown of the ITC.
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