42 Senators Write Bush: Extend Renewable PTC in ’08 Budget Request

Washington, DC [RenewableEnergyAccess.com] A bipartisan group of 42 senators has sent a letter to President Bush asking him to include in his FY08 budget request a proposal to extend the renewable energy production tax credit (PTC) for five years, from 2008 to 2013. Congress earlier this month extended the expiring tax credits from 2007 to 2008 as part of a larger tax package. The senators, in their letter, noted that a five-year extension would likely lead to a surge in the construction of new renewable energy projects. This will help the nation in two important ways. First, the new projects would reduce America’s heavy reliance on natural gas, taking some of the pressure off natural gas prices. Second, the tax credits would provide employment in states with renewable resources as well as states where renewable energy generation equipment is manufactured.

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