Among other things, the task force heard strong support for an investment tax credit, or ITC, for stand-alone energy storage projects, while renewable groups advocated for the extensions of an offshore wind power and a federal solar energy ITC. The review was aimed at finding a long-term solution on the tax breaks, the temporary status of which has been a source of uncertainty for the power industry.
In May, the committee formed several task forces, including one focused on energy, to examine dozens of temporary tax provisions that have expired since late 2017 or will end after 2019 without further authorization from Congress. The energy task force evaluated 12 such temporary tax policies, including for electricity produced from certain renewable resources such as geothermal energy, open- and closed-loop biomass power, incremental hydropower projects, and marine and hydrokinetic renewable energy sources.
"The next step will be to put together a legislative package based on the proposals that the task forces received, the areas of consensus among the task force members and continued bipartisan discussions," Senate Finance Committee Chairman Sen. Chuck Grassley, R-Iowa, (Contact Info.......) said Aug. 13. "Taxpayers deserve predictability and clarity, and they haven't received either for far too long on temporary tax policy."
Grassley said the legislation will be a "top priority for Congress" when lawmakers return in September following a month-long summer recess.
Read More..........
