Breaking: Senate Passes Extensions of Renewable Energy Tax Credits
The United States Senate has voted to approve legislation containing a one-year extension of the wind energy Production Tax Credit (PTC) through December 31, 2009. The bill, H.R. 6049, also contained an extension of the Investment Tax Credit (ITC) for solar, and would create a new ITC for purchases of small wind systems used to power homes, farms and small businesses.
After failing to pass the extensions 8 times so far this year, the bill was approved by an overwhelming 93 to 2 majority. The only two Senators voting against the extensions were Republicans Crapo (ID) and Kyle (AZ).
Five Senators did not vote on the issue, and Republican presidential hopeful John McCain made his record on the issue a stunning 0-for-9 this year alone, answering the question many had whether he would finally show up to vote on this critical energy policy issue. In all fairness to Senator McCain, both Senators Obama and Biden also recorded an absent vote. One can only assume that Biden and Obama (and perhaps McCain) were tipped-off by their colleagues that the vote would be a landslide and chose not to come to Washington for the vote.
The cynic in me says that the only reason it passed this time is because we are so close to the election, and failing to pass the legislation is not a black mark that Senators want on their record in this critical campaign season, where the Democrats are poised to get a veto-proof majority of more than 60 Democratic Senators.
Next, the bill must be approved by the full House of Representatives in a vote later this week.
[...] jobs in a difficult financial climate. That growth will no doubt be sustained thanks to the recent extension of the renewable energy production tax credits, although industry leaders would much prefer a [...]
[...] E&Y report noted that although the government extended the Production Tax Credits and Investment Tax Credits, any positive effect they could have had was negated by the meltdown in the financial sector, their [...]
[...] new tax credits would put in place the kind of long-term incentives for renewable energy that the 1 and 2-year extensions of the production and investment tax credits have not been able to [...]
As these projects need a long time for development and will be operational for at least 20y it doesn’t assure large investments for a long time. This issue isn’t to deploy new facilities and open jobs for 2-3y and fired them up afterward.