Last Friday, December 5, the U.S. House of Representatives approved H.R. 5771, the “Tax Increase Prevention Act of 2014”, which includes an extension of several tax credits and other tax benefits utilized in renewable energy projects and for energy efficiency. Included in the extension are:
- Production tax credit for energy produced from wind, closed-loop and open-loop biomass, geothermal, landfill gas, trash, qualified hydropower, marine, and hydrokinetic facilities
- Bonus depreciation
- New markets tax credit, often combined with specific renewable energy tax credits in qualifying locations
- Credits for energy-efficient new homes
- Special allowance for second-generation biofuel plant property
- Energy-efficient commercial buildings deduction
The extension generally is through 2014.
For more information, or for the current status of H.R. 5771, contact Steve O’Day.