Sunday, January 06, 2013

Renewable energy tax credits extended

Sunday, January 06, 2013
Production tax credit (PTC) and investment tax credits are extended up to the end of the year, the American taxpayer Relief Act by 2012, by the Congress adopted on January 1, 2013. The extension of the PTC, included in the Bill to stave off the so-called "fiscal cliff" applies to all US wind projects in the year 2013 start construction. The Bill includes investment tax credits for community and offshore wind energy projects in addition to the PTC. The measure now moves on President Obama for his expected signature into law.

The American Wind Energy Association (AWEA) said that the incentives for wind energy will continue to allow growth. Last year included the amount of wind energy installed in the United States a record 44% of all new U.S. electric generation plants, according to the energy information administration and AWEA. See the White House blog and the White House American taxpayer Relief Act Factsheet AWEA press release.

The measure is the tax advantage biodiesel for 2012 and 2013 that expired on December 31, 2011. The $1 a gallon biodiesel tax credit was implemented first in 2005. According to a study by Cardno ENTRIX, a consulting firm, bio-fuel industry would 2013 with the tax credit in place compared some 112.078 jobs in the year to 81.977, without requiring it support at the national level. See press release National Biodiesel Board.

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