As part of the Economic Recovery Bill, the Federal Incentive Tax Credits supporting the expansion of solar, wind and other sustainable energy technologies in the United States was passed today on the Hill.
Breaking news from the Wall Street Journal…”House Passes Bailout Bill on Second Try:”
U.S. House of Representatives lawmakers wary of growing signs of the nation’s economic distress voted in favor of a $700 billion Wall Street rescue package on Friday, sending the biggest government intervention in the financial markets since the Great Depression to President George W. Bush for his signature.
From RenewableEnergyWorld.com…”Tax Credits Pass: Renewable Energy Industry Breathes Sigh of Relief:”
After a disastrous few weeks on Wall Street, the renewable energy industry has come out a winner. It seems there’s always a silver lining in even the worst developments.
The long-awaited extension of the Production (PTC) and Investment Tax Credits (ITC) were finally passed as part of the House bail-out package (H.R. 1424) for the financial industry. The tax credit package, which is the same that passed the Senate on September 24, will extend the PTC for one year and the ITC for eight years. The extensions would be at least partially paid for by a change in the tax code for the oil and gas industry.
Wind and solar businesses around the country are breathing a bit easier today.
The bill also contains removal of the US $2,000 cap for residential solar installations. The controversial US $700 billion bailout package has been in the works in Washington since last week due the failure of several major U.S. banks and financial institutions. The bill was initially voted down in the House on Monday and was re-worked and re-introduced by the Senate on Wednesday.
The American Wind Energy Association (AWEA) applauded the vote this afternoon.