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The U.S. Court of Federal Claims issued an opinion Jan. 7 ordering a wind energy developer to pay back more than $5.6 million in Internal Revenue Code Section 1603 cash grants. The court sided with a Department of Treasury’s claim that the wind energy developer inappropriately calculated the grant amount for which it should qualify. The federal order is available at www.energytaxcredits.com.
Sens. Chuck Grassley, R-Iowa, and Ron Wyden, D-Ore., introduced legislation Feb. 28 to retroactively extend through 2019 tax provisions that expired in 2017 and 2018, including two renewable energy provisions. The Tax Extender and Disaster Relief Act of 2019 includes the Section 45L credit for energy efficient homes and the Section 179D energy-efficient commercial buildings deduction. The legislation would extend 26 provisions that expired at the end of 2017 and three that expired at the end of 2018. The bill is available at www.energytaxcredits.com.
Rep. Mike Doyle, D-Pa., and two colleagues introduced legislation April 4 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. This is the third straight session of Congress in which the bill has been introduced.
Sen. Ron Wyden, D-Ore., and 24 co-sponsors introduced May 2 legislation to create a clean energy production tax credit (PTC) and investment tax credit (ITC) that would consolidate the 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. The bill would also provide a tax credit for fuels that are at least 25 percent cleaner than the average. The co-sponsors released a one-page summary and a section-by-section summary of the legislation. Similar legislation was released in the previous session of Congress. The bill is available at www.energytaxcredits.com.
Legislation introduced June 25 in both chambers of Congress would extend the 30 percent renewable energy investment tax credit (ITC) through 2025 for offshore wind. The Offshore Wind Incentives for New Development Act would allow offshore wind projects to receive the ITC if they begin construction before Jan. 1, 2026. The ITC is currently scheduled to phase down to 10 percent in 2022. Six senators co-sponsored the legislation, while Rep. Jim Langevin, D-R.I., sponsored the bill in the House. The bill is available at www.energytaxcredits.com.
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