Green Options » investment tax credit

McCain Meets with Pickens, Says “Of Course” He Supports Renewable Energy Tax Credits

Timothy B. Hurst — Tue, 19 Aug 2008 17:52:46 +0000

While in Aspen last week for a fundraiser at the Aspen Institute, Republican Presidential hopeful John McCain met for breakfast with Texas billionaire oil man turned wind energy advocate T. Boone Pickens. The pair chatted for a few minutes in front of cameras, and then they met privately for more than an hour.

The issue of alternative fuels came up for McCain Thursday as well, during a forum at the Aspen Institute. In the past, McCain has said that he opposes tax breaks for wind and solar development because they interfere with the market. Asked about that Thursday, McCain said he has a long record of support for alternative fuels. Asked specifically if he was for renewing tax breaks for wind and solar that expire this year, he surprisingly said, “of course.”

Senate GOP Refuses Floor Debate of Renewable Energy Tax Credits

Timothy B. Hurst — Wed, 30 Jul 2008 22:55:46 +0000

For the fourth time this summer alone, Senate Republicans have blocked any formal consideration of extending renewable energy tax credits. The 51-43 vote on Wednesday to invoke cloture on S.3335 fell nine short of the 60 needed to begin floor debate (a ‘Yea’ vote indicating support for the bill and/or willingness to debate it). Although Democrats Obama, McCaskill, Rockefeller, and Kennedy did not record votes, the motion still lacked the necessary support for passage.

Renewable energy investment and production tax credits are set to expire at the end of this year and it is argued by many that passage of the credits is essential to fledgling (and still relatively expensive) solar, wind and geothermal industries.

Senate leaders had hoped that since they padded the bill with titles to extend tax breaks for teachers, businesses and parents, they would be able to muster the support of a couple more Republicans needed for its passage. But only four Senators crossed the aisle to vote with the Democrats: Susan Collins and Olympia Snow of Maine, Elizabeth Dole of North Carolina, and Gordon Smith of Oregon.

Let’s Try This Again: Senate to Vote on Renewables

Timothy B. Hurst — Mon, 28 Jul 2008 19:11:27 +0000

As I sat down to write this, I tried to think of how many different times I have written about Senate extensions of the investment tax credits and production tax credits for renewable energy in the last year. And honestly, I’m not sure - but I know it’s a lot (a few of them can be linked to below).

What I do know, is that as early as tomorrow, the Senate will vote on S. 3335, which includes an 8 year extension of the commercial and residential solar tax credit, and doubles the residential cap to $4,000.

S. 3335 (pdf) was devised by Senate Democrats to include bi-partisan must-pass provisions, such as tax relief for families and businesses affected by natural disasters this year in the Midwest and West, and an exemption on the Alternative Minimum Tax (AMT) for middle- income families.

An eight year of the investment tax credit would give the solar industry the long term security it needs to ramp up production in the United States, which in turn, would create jobs, and limit the need for the construction of any new coal-fired power plants. If you want to see this bill pass, I urge you to take action on the investment tax credit by contacting your Senator immediately.

Senate Passes Renewable Energy Tax Credits. Why Am I Not More Excited?

Timothy B. Hurst — Fri, 11 Apr 2008 18:58:34 +0000

By an impressive tally of 88-8, the Senate approved The Clean Energy Tax Stimulus Act (S.2821) as an amendment to HR.3221, which aims to mitigate the economic impact of the current housing crisis.

The renewable energy tax credits were slipped into a housing bill that that did not end up looking the way its lead author, Sen. Chris Dodd really intended it to, remarking earlier in the week that it was “a housing bill, not a Christmas tree.”

However, will the production tax credit and investment tax credit ever make it to the President’s desk to sign?

Senate Coalition Introduces Clean Energy Tax Package

Timothy B. Hurst — Fri, 04 Apr 2008 12:42:45 +0000

But is the bill different enough to pass?

As was reported at Hill Heat, and elsewhere, Senators John Ensign (R-NV) and Maria Cantwell (D-WA), led a bipartisan group of senators in announcing a bill to incentivize the development of renewable energy and expand energy efficiency in buildings, homes, and appliances. The Clean Energy Tax Stimulus Package of 2008 (pdf) will provide some certainty to investors and those individuals and businesses that are considering adding solar, wind, biomass, methane capture, or other clean energy technologies.

Teetering on the brink of passage

Renewable Energy tax packages always face trouble in the Senate, and this dates back to our first energy crises in the 1970s. In a more recent example, a tax package failed repeatedly on the Senate floor, including a $22 billion version that fell one vote short of winning approval as an amendment to a broader energy bill in December. Many Republicans balked at the funding mechanism for the previous renewable energy incentives because they rescinded tax breaks from the big energy companies (which was spun by the right as a “tax increase.”).