I was a bit stunned when I read this considering the mood Congress is in right now. I hope that they are truly listening to the people and put aside partisan party lines and do the right thing. Renewables have created a huge amount of jobs and been a large part of helping to grow the economy. I believe in my country and though the fossil fuel industry has thrown its weight around in DC this country was founded for the people by the people and I hold that dear to my heart. I recently read a list of how many politicians received fossil fuel donations and was astounded but the fact is those politicians are there to represent the will of all the people in their district and this is a great example of that coming to fruition. Thank you Washington DC for doing the right thing for the people.
Congress this week passed the Tax Increase Prevention Act of 2014, which extends a number of expired or expiring tax provisions through the end of 2014. The President is expected to sign the Act soon. The Act renews several energy-related tax provisions, including the production tax credit under Section 45 of the Internal Revenue Code (PTC) for certain renewable energy facilities. In the case of wind, geothermal, landfill gas, trash, marine, and hydrokinetic facilities and certain closed-loop biomass, open-loop biomass, and qualified hydropower facilities, a taxpayer will be eligible to claim the PTC if construction begins before January 1, 2015. The Act also extends Section 48(a)(5)(C), which allows a taxpayer to claim the investment tax credit in lieu of the PTC with respect to the facilities listed above if construction begins before January 1, 2015.
The Act also extends through 2014 a number of additional energy-related provisions, including credits for nonbusiness qualified energy efficiency improvements and residential energy property expenditures, electricity produced by Indian coal facilities, and new energy-efficient homes, and the deduction for energy-efficient commercial building property in Section 179D.