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… Read more
Tag: tax credits
Tax Credits for Renewables Up in the Air
Tax credits for renewable energy production and other incentives expired with 2013. The current Congress, facing mid-term elections, sees more pressing issues than the retroactive extension of these credits, including credits of a $1 per gallon of biodiesel, 2.3 cents per kilowatt hour of wind energy, $1.01 per gallon of ethanol produced from cellulose sources, and credits for household energy efficiency improvements. Projects that began construction before the December 31 expiration are entitled to many of the credits for renewables through the end of 2015, although new projects would not be eligible without extender legislation. If Congress takes any action… Read more