Senate Approves Extension of Investment Tax Credit for Renewable Energy
The Senate by an overwhelming 93 to 2 vote has extended for 8 years the Investment Tax Credit that was set to expire December 31 of this year. It will provide an estimated $18 billion in tax credits for renewable energy such as provided by solar, wind and geothermal systems. Solar stocks have responded positively as one would expect. Residential and business credits will be extended for 8 years. The House must still approve the measure, but that is expected as is Bush signing the measure. It is comforting that the Senate was able to get this passed even as it was focused on the economy. On the other hand, a projected $18 billion over 8 years probably seemed insignificant in contrast to the $700 billion requested by Secretary Paulson.
The residential tax credit of 30% for solar equipment will no longer be capped at $2,000. Tax credits of other renewable energy sources were extended for 2 years. A 10% tax credit for conservation measures is included in the legislation. Don’t sweat the details yet. The House still has to pass the legislation and it is not unusual for the House to make changes to bills voted in the Senate. Check back for information if and when the bill is signed.
[...] [Technorati] Tag results for credit wrote an interesting post today onHere’s a quick excerpt The Senate by an overwhelming 93 to 2 vote has extended for 8 years the Investment Tax Credit that was set to expire December 31 of this year. It will provide an estimated $18 billion in tax credits for renewable energy such as provided by solar, wind and geothermal systems. Solar stocks have responded positively as one would expect. Residential and business credits will be extended for 8 years. The House must still approve the measure, but that is expected as is Bush signing the measure. [...]
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