House Ways & Means Okays Energy Tax Credits
The U.S. House Ways and Means Committee recently approved $20 billion in energy tax credits and related financial incentives as part of the Obama administration’s plan to revive the American economy, reports Reuters.
The proposal, which includes $550 billion of government spending and $275 billion of tax cuts, could be approved by mid-February.
The U.S. House of Representatives is also considering making the credits refundable. Instead of saving money on taxes, renewable energy investors would get a direct payment equivalent to the tax credit through a grant program at the Department of Energy, writes United Press International.
Last year, Congress extended the Investment Tax Credit for another eight years as part of the $700 billion stimulus package. The duration of its sister program (Production Tax Credit) was also extended.
In a separate article, Reuters also notes that the administration’s proposed $825 billion stimulus could benefit U.S. manufacturers including General Electric and United Technologies, though they will likely not feel any effects until later this year.
Energy Manager News
- Avista Lauds ‘Fair’ Settlement in Idaho Rate Case
- BGE’s SEED Program Offers Energy Discounts to 19 Commercial Customers
- Retailer Offers 100% Solar Plan in Texas
- Dissecting the Data Revolution
- Energy Star Recognizes 16 GM Facilities
- CCI Group Awarded Contract for Anniston Army Depot
- Under Hawaiian Electric’s New TOU Pilot Plan, Time Is Money
- SCE&G Retail Rate Adjustment Will Be Close to Break-Even for Customers