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Grassley seeks multi-year extension of wind energy tax credits
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12/03/09 04:42 PM ET
Sen. Charles Grassley (R-Iowa), the top Republican on the Senate Finance Committee, introduced legislation today that would extend wind energy tax credits for several years.
After multiple years in which the industry’s credit went down to the wire before a one-year renewal, the stimulus law in February extended the production tax credit for three years through the end of 2012.
Now, Grassley’s plan would give the industry even more certainty if passed, extending the credit’s availability to projects placed in service until the end of 2016. His plan would also extend the credit for “open loop” biomass power until that date, his office said in announcing the bill.
After multiple years in which the industry’s credit went down to the wire before a one-year renewal, the stimulus law in February extended the production tax credit for three years through the end of 2012.
Now, Grassley’s plan would give the industry even more certainty if passed, extending the credit’s availability to projects placed in service until the end of 2016. His plan would also extend the credit for “open loop” biomass power until that date, his office said in announcing the bill.
The bill also extends bonus depreciation incentives for all businesses, now set to expire at year’s end, for one year. Grassley said his plan should be included in the jobs legislation under consideration.
“We need to keep up the momentum for job creation, a clean environment, and energy independence. Getting these tax incentives extended is important to help businesses secure the loans they need to make the investments necessary to create jobs,” he said in a prepared statement.
