By Ben Geman - 11/30/10 01:31 AM EST
Sens. Maria CantwellMaria CantwellDem senators back Interior coal leasing review An affordable housing solution both parties can get behind Senators float bipartisan wildfire bill MORE (D-Wash.), Dianne FeinsteinDianne FeinsteinFight over California drought heats up in Congress Clinton emails dominate Sunday shows Feinstein: 'Enough is enough' on Clinton's email controversy MORE (D-Calif.) and 24 other Democrats are asking for a two-year extension of the program – which sunsets at year’s end – in “any tax package the Senate considers during the current lame-duck session.”
Sen. George LeMieux (R-Fla.) joined 26 Democrats on the letter.
The letter notes the grants have been “widely credited with maintaining strong growth in the renewable energy sector in 2009 and 2010, despite the severe economic downturn” and helped create jobs.
“Prior to the economic meltdown, clean energy project developers relied on ‘tax equity partnerships’ with investors to take advantage of clean energy tax incentives. In 2008, the economic meltdown froze the $8 billion tax equity market, jeopardizing billions of dollars in clean energy investment. The TGP [Treasury Grant Program] proved an effective replacement for these partnerships, supporting around $18.2 billion in clean energy investment to build 8,600 megawatts of renewable energy generation through October 25, 2010,” states the letter to Senate Majority Leader Harry ReidHarry ReidHillary's ObamaCare problem Sanders tests Wasserman Schultz Nearly 400 House bills stuck in Senate limbo MORE (D-Nev.), Minority Leader Mitch McConnellMitch McConnellThe Hill's 12:30 Report McConnell pressuring Rubio to run again McConnell: Holder ‘one of the worst’ attorneys general ever MORE (R-Ky.) and the leaders of the Senate Finance Committee.
“With most utilities and developers still unable to utilize existing production and investment tax credits, and our nation’s economic recovery dependent on the creation of new jobs, we believe a two-year extension of the TGP is critical,” adds the letter, which is signed by senators including Ben Nelson (D-Neb.), Kent Conrad (D-N.D.), John KerryJohn KerryFive things Clinton needs to do to win the California primary An all-female ticket? Not in 2016 GOP senator calls for China to crack down on illegal opioid MORE (D-Mass.), Debbie StabenowDebbie StabenowSenators hope for deal soon on mental health bill The Hill's 12:30 Report Dems: GOP playing from 'Trump textbook' MORE (D-Mich.) and others.
“We believe that any tax package should be designed to stimulate economic growth and job creation, and should include an extension of the Treasury Grant Program with an appropriate offset,” the letter states.