Senate Finance Committee Hearing to Extend Renewable Energy Production Tax Credit

Yesterday, the Senate Finance Committee had a members meeting to discuss extending the renewable energy production tax credit 1603 that currently allows an income tax credit of 2.2 cents per kilowatt-hour. This tax credit is set to expire at the end of 2012 for wind energy and at the end of 2013 for other renewable sources. Representatives from multiple renewable energy associations showed up to voice their support for the extension and reported back that committee members are definitely interested in extending 1603. For some members it was a priority, while others felt neutral about the subject. Yet none were in full opposition. The Senate first wants to make sure the House will approve this measure if they put extra effort into extending 1603. Overall, it looks like good news for renewable energy industries hoping to continue to receive these benefits.