House Extends Renewable Energy Tax Credits

October 3, 2008

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Earlier this week, it seemed the tax measure passed by the U.S. House of Representatives may jeopardize the fate of renewable energy tax breaks. But today, after a second attempt, the House voted 263-171 in favor of a $700 billion bailout bill, which includes the extension of renewable energy tax credits, Wall Street Journal reports.

According to Green Chip Stocks, the bailout package will include a one-year extension of the production tax credit for wind; an eight-year extension of the investment tax credit for solar; and a removal of $2,000 cap for residential solar installation.

The Senate included the extension of renewable energy tax credits into the bailout package on Wednesday, which gave a small jolt to solar tech stocks, according to CNNMoney.com.

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