1.877.959.8816

House approves tax incentives, green energy industry now awaits Senate vote

The pressure is on, again. The Renewable Energy and Job Creation Act of 2008 bill passed the House vote yesterday. The bill extends the production tax credit (PTC) for one year, extends the investment tax credit (ITC) for six years, and authorizes $2 billion for new clean renewable energy bonds to finance renewable energy facilities. Now it heads to the Senate.

According to The Los Angeles Times, the White House again threatens veto.

To be expected, the green energy sector is weighing in heavily. From Stephen Lacey, staff writer with Renewable Energy World:

With Wednesday’s passage of a House bill that could extend the production and investment tax credits, many in the industry are cautiously hoping for an end to a political standoff that has threatened to cripple the nation’s renewable energy industry.

“For the Senate, the choice is now clear: they can either protect tax loopholes for privileged investment managers, or create tens of thousands of green-collar jobs in a troubled economy,” said Rhone Resch, president of the Solar Energy Industries Association (SEIA) in a statement issued after Wednesday’s House vote.

For his full report and more industry expert quotes, see “‘Last Best Chance’ for Renewable Energy Tax Credits?”