Renewables Tax Extensions up for Vote, Senate considers amendment

The U.S. Senate is expected to vote Tuesday on a proposal that would extend renewable energy tax incentives and restore the cash grant program that saved the industry during the depths of the recession.

The proposals are included in an amendment offered by Senator Debbie Stabenow (D-Mich.), who introduced Senate Amendment 1812, which would extend the production tax credit (PTC) for one year, until the end of 2013, as well as extend the 1603 investment tax credit, the 48(C) manufacturing tax credit, in addition to including biodiesel and other provisions.

Amendment 1812 includes several provisions, including credits for biofuels and advanced manufacturing tax breaks. But the parts of most interest to renewables are a one-year extension of the PTC for wind energy and a restoration of the “cash grants in lieu of the credit” which expired at the end of last year.

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