US Senate Revives Renewable Energy Tax Breaks (reNews)
The US senate yesterday voted 96 to 3 to advance a ‘tax extenders’ bill, which includes renewable energy tax credits.
During a procedural vote the legislators agreed to open debate on the bill, which includes renewal of the production tax credit (PTC) and investment tax credit (ITC) as part of an $80bn package of about 50 tax breaks that lapsed 31 December.
The EXPIRE Act extends the provisions for two years through 31 December 2015.
The PTC pays 2.3 cents/kWh during the first 10 years of operation and the ITC is worth up to 30% of the costs of developing and building wind projects.
The Senate will consider the bill again at a later time.
The Republican-controlled House of Representatives is reviewing similar legislation.
