Don't let the sun go down - Federal Tax Credits for Solar expire soon! New Energy Policy Introduced

Don't let the sun go down on our Federal Tax Credits!!!

Thanks to Paul Rekow of Iowa who is a member of the small wind group I belong to. Paul forwarded this information this morning.

As you can see from the counter on my right side panel, federal solar tax credits expire in less than 104 days. It is very important for renewable energy to be viable and affordable that these credits are extended as well as the $2000 cap for residential installations removed.

Additionally, this energy package introduced would include a provision for small wind. Currently there are no incentives at the federal level for small wind.

Last but certainly not least, this policy addresses "CLEAN" coal.

You will find a link on my right hand side to contact your representatives.

I don't wish this post to evolve into a political discussion. I am merely getting the information out.

Please consider reading the highlights of the policy introduced and contact your representatives if you support this policy (and if you don't! for that matter!)

It is important as citizen's we continue to guide our reps not just during the voting process but also through out their term in office! Thanks! Ma

ENERGY POLICY:

Details emerge on Senate tax extenders package

Noelle Straub, E&ENews PM reporter (09/17/2008)

Wind and solar tax credits would be extended and "clean coal" credits created under a $17 billion energy package that leaders of the Finance Committee fleshed out today. Chairman Max Baucus (D-Mont.) and ranking member Charles Grassley (R- Iowa) and the Democratic leadership struck the new compromise.

The duo introduced a $40 billion energy tax package last week, but it was whittled down and combined with other measures. Those include alternative minimum tax relief for more taxpayers at a cost of $62 billion, a host of tax credits for businesses and individuals, tax disaster relief, and mental health parity legislation. The Senate may hold separate votes on the energy provisions and the rest of the package.

1. The package would extend the production tax credit for wind and refined coal for one year and for other alternative power sources for two years. Also included was an eight-year extension of the 30 percent investment tax credit for solar installations.
   
2. It would extend for eight years the residential solar credit and remove the cap on that credit, which is $2,000. It also adds residential small wind projects and geothermal heat pumps to the credit, capped at $4,000 and $2,000, respectively.
   
3. The bill also would authorize $800 million of new clean renewable energy bonds, with that total split in thirds for local and state governments, public power providers and electric cooperatives.
   
4. It would provide $1.5 billion in new tax credits for advanced coal electricity projects and coal gasification projects and provide credits to industrial facilities for capturing and storing carbon dioxide.
5.  For the steel industry, it adds a credit for coal used in the manufacture of coke.
   
6.  A new consumer credit of up to $7,500 for plug-in electric vehicles would be created, along with incentives for bicycle commuting and idling reduction units for trucks.
   
7. The bill would extend the biodiesel production credit and alternative fuels excise credit for one year.
   
8. A new category of conservation bonds providing up to $800 million for state and local governments to reduce greenhouse gas emissions would be created.
   
9. On energy efficiency, it would extend the credit for improvements to homes for one year, the appliance credit for two years and the buildings deduction for five years.
   
10. Lawmakers included revenue-raising provisions for the energy provisions. The measure would freeze at 6 percent the Section 199 domestic manufacturing deduction for oil and gas companies.
    
11. It would also extend the oil spill tax, alter tax rules on oil-and-gas companies' income on overseas projects and tighten rules on brokers to report to the IRS transactions involving trading of stock and other securities.
    
12. The bill also would reauthorize through 2011 the Secure Rural Schools and Community Self-Determination Act and readjust its funding distribution formula. The act paid out millions to rural communities hit by the decline in timber sales on federal lands to pay for basic municipal services such as schools and infrastructure.
    
13. It would also provide full funding for the Payment in Lieu of Taxes program for 2009.