Senate Democrats Introduce Renewable Energy Tax Credit Legislation

United States Senators Maria Cantwell (D-WA) and John Ensign (D-NV) have introduced the Clean Energy Stimulus Act of 2008. The bill extends the commercial Investment Tax Credit (ITC) for eight years and removes the utility exemption.

“From New Hampshire to Michigan to Oregon, this bill provides a much-needed shot in the arm for our ailing national economy. This legislation will create thousands of jobs, unleash billions in investment and prevent a major disruption in this fast-growing sector — all at a time when we need it the most,” said Rhone Resch, President of the Solar Energy Industries Association (SEIA).

The bill also extends the residential solar credit for one year and removes the $2,000 cap. The bill currently has 23 co-sponsors. The vehicle for the package has not yet been announced; however, those behind the bill are confident they can get the 61 co-sponsors that the bill will need to pass the Senate.

“We commend Senators Cantwell and Ensign for their leadership in crafting a bipartisan approach to the urgently needed extension of renewable energy tax incentives that are scheduled to expire at the end of this year. More than 116,000 jobs and US $19 billion in investment in new, clean energy sources like wind and solar power hang in the balance awaiting Congress’s decision on this critical issue,” said Gregory Wetstone, Senior Director of Governmental and Public Affairs for the American Wind Energy Association (AWEA).

To read a version of the language that will be contained in the new legislation, click here.

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