Justbefore the summer recess in Congress was declared, the Senate Finance Committeepassed a measure including a one year extension of production tax credits forwind and geothermal energy projects, making the incentive applicable toprojects breaking ground any time until the end of 2013. The credit is set toexpire at the end of 2012 unless both houses of Congress pass the measure,cobbled together by Senate Finance chairman Max Baucus and ranking member OrinHatch. Reported out of the Senate Finance Committee on a bipartisan vote of19-5, the bill includes a total of $205 billion in tax cut extensions forindividuals and businesses.
WhileCommittee passage of the bill is welcomed by energy businesses, some renewableenergy advocates mourn that it does not go far enough. “A temporary taxprovision I don’t think provides enough incentive for capital investment, andthat’s what our industry needs,” according to Associated General Contractors ofAmerica Senior Executive Director of Governmental Affairs Jeff Shoaf.
AmericanCouncil of Engineering Companies Vice President of Governmental Affairs SteveHall, says the tax credits are “absolutely essential” for the health of therenewable energy economy.
Thefate of this legislation when Congress reconvenes after the summer break isstill uncertain. Tax credit extensions are just the first step in comprehensivereform of the Internal Revenue Code, and all such legislation may well bepushed back on the Congressional calendar until after the November elections.Furthermore, should some sort of tax cut extender bill get passed when Congresscomes back into session, there will be heated debate over, and revisions to,the contents of this bill before anything reaches the Oval Office forsignature.
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