Renewable Energy Tax Credit Passes House

John Davis

The U.S. House today has passed a measure seen as important because it extends renewable energy production and investment tax credits has cleared its latest hurdle. H.R. 6049, the Renewable Energy and Job Creation Act of 2008, got through the U.S. House by a 263-160 margin.

This story posted on says if it clears Congress, it will mean billions of dollars for alternative energies:

H.R. 6049, is a US $54 billion tax extenders package that contains an extension of the federal production tax credit for wind power (PTC) through December 31, 2009 and contains a new small-wind investment tax credit (ITC). The bill also extends the 30% investment tax credit for solar energy property and qualified fuel cell property, and the 10% investment tax credit for microturbines through the end of 2014. Biomass, geothermal, landfill gas and other technologies receive a three-year extension under the legislation.

Passing through the House doesn’t mean it’s a sure thing to become law. There is already opposition in the U.S. Senate and President Bush has threatened to veto the measure.

Stay tuned… we’ll keep you updated.

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