Thursday, April 05, 2012

Renewable Energy Law News - Week of April 2

Photo via Flickr

Seven US Republican and Democratic senators on Thursday introduced a bill that would extend for two years the federal production tax credit for wind energy that is set to expire at the end of 2012.

"Congress should renew the wind energy tax credit to develop clean energy alternatives and good paying jobs," Iowa's Charles Grassley, the senior Republican on the Senate Finance Committee, said in a statement.

"Tax relief has succeeded in developing this clean, renewable and innovative energy source and it ought to be continued with the degree of certainty that encourages continued investment," he said.

The bill also would extend renewable energy tax credits for biomass, geothermal, landfill gas, trash, hydropower, and marine and hydrokinetic power by one year to January 1, 2015.

Democrats joining Grassley in sponsoring the bill are Mark Udall and Michael Bennet of Colorado, Tom Harkin of Iowa and Ron Wyden of Oregon. Republicans co-sponsoring the bill, dubbed the "American Energy and Job Promotion Act" were Scott Brown of Massachusetts and Dean Heller of Nevada.

Assemblyman Ben Hueso, D-79th District-Calif., has introduced a bill that would allow property-tax revenue to be used to promote renewable energy projects.

The legislation, A.B.2551, would authorize a legislative body to establish an infrastructure financing district in a renewable energy zone area, as defined, for the purpose of promoting renewable energy projects. The bill would exempt the creation of the district from the voter-approval requirement.

Existing law authorizes counties and cities to form infrastructure financing districts, in accordance with a prescribed procedure, and requires that a district finance only public capital facilities of community-wide significance, as specified. In addition, existing law authorizes a legislative body, by ordinance, to adopt an infrastructure financing plan and create the district with the full force and effect of law, if 23 of the registered voters within the territory of the proposed district are in favor of creating the district.

No comments: