Friday, September 24, 2004

Approval of the Production Tax Credit Sails Through Congress

After waiting months for congressional action on the renewable energy Production Tax Credit, the renewable energy industry, and the wind industry in particular, finally have something to celebrate. As we reported yesterday, the PTC was included as part of a last minute deal between Democrat and Republican negotiators on H.R. 1308 - a larger tax bill aimed at extending tax breaks due to expire this year.

The New York Times is reporting this morning that the combined business/family tax bill sailed quickly though both the House and Senate yesterday after the agreement was reached - the House voting 339 to 65 to approve the bill, and the Senate 92 to 3. Presidential approval is expected as early as Monday.

The Associated Press provides this breakdown on the main features of the tax bill. Estimates place the one year value of the renewable energy PTC at $1.16 billion.

UPDATE: Reuters just published this article on congressional extension of the PTC - check it out for more details.

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