A bill has been introduced in the U.S. Senate that would permanently extend tax credits for electricity produced from renewable sources.
WASHINGTON, DC – Assistant Democratic leader Senator Harry Reid (D-Nevada) introduced the ‘Renewable Energy Development Incentives Act’ (S 249), which also expands the definition of an eligible facility to include closed-loop biomass, poultry and animal waste, geothermal, and incremental hydropower. “One need look no further than the ongoing power crisis in California to see the need for a fundamental shift away from a reliance on fossil fuels and toward a more sustainable source of power,” says Reid. The bill was referred to the Senate Finance Committee. The bill would amend the Internal Revenue Code of 1986 to expand the credit for electricity produced from “alternative resources,” which would be defined as solar, biomass (other than closed loop biomass), incremental hydropower, and geothermal energy. The term “incremental hydropower” means additional generating capacity achieved from increased efficiency or additions of new capacity at a licensed non-Federal hydroelectric project.