UPDATE – US Senate To Vote on Renewable Energy Tax Credits Today

The United States Senate is set to vote later today on legislation that would extend tax credits for renewable energy. In a surprise move, Senate Finance Chairman Max Baucus (D-MT) said in a statement that the tax extensions will be attached to the upcoming US $700 billion rescue legislation for Wall Street firms. The Senate is expected to vote on the financial rescue plan with added tax relief later today, and to send it to the House of Representatives for final consideration. The legislation, which is the same version that passed the Senate on September 24, will extend the PTC for one year and the ITC for eight years.

The extensions would be at least partially paid for by a change in the tax code for the oil and gas industry. The bill also contains removal of the US $2,000 cap for residential solar installations. The controversial US $700 billion bailout package has been in the works in Washington since last week due the failure of several major U.S. banks and financial insitutions.

“I said from the beginning that the administration’s original financial plan focused too much on Wall Street and not enough on Main Street, and I wanted to make it better. Adding this tax relief will ensure that regular working Americans get the financial help they need in this time of crisis. As soon as this legislation passes, good-paying jobs will open up in the green energy sector as wind and solar projects get up and running,” Sen. Baucus said.

The Senate is set to vote on the measures this evening. Check back with RenewableEnergyWorld.com throughout the day for more details about the legislation.

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