One Step Closer

From: http://www.sununu.senate.gov/pressapp/record.cfm?id=295938
SENATE PASSES SUNUNU-BACKED RENEWABLE ENERGY TAX PROVISIONS

Initiative approved as part of housing bill; Includes tax credit for wood pellet stoves
Contact: Barbara Riley
Thursday, April 10, 2008

WASHINGTON, DC – The United States Senate today (4/10) passed the Clean Energy Tax Stimulus Act (S. 2821) - bipartisan legislation containing a series renewable energy tax provisions - as an amendment to housing legislation that the Senate also approved on Wednesday. The amendment was adopted by a vote of 88-8. The housing bill passed by a vote of 84-12.

“Finally, the Senate has acted in a bipartisan fashion to pass renewable energy tax credits that will expand access to alternative energy and reduce dependence on energy imports. These credits will also help to ease the financial pressure that rising energy prices place on many families and businesses across New Hampshire,” said Sununu. “The measure represents smart policy for the environment and makes good sense for New Hampshire’s economy where our wood, biomass, and wood pellet industries provide jobs across the state. This bill will go a long way toward extending incentives for individuals, families, and businesses to use renewable energy sources.”

On April 1, Sununu joined Senators Maria Cantwell (D-WA), John Ensign (R-NV) and others announced this initiative, which extends clean energy production tax credits and incentives to improve the energy efficiency of new and existing homes, businesses, and appliances.

The amendment would extend the current tax credit for the production of renewable electricity generated from solar, wind, geothermal, hydropower, biomass, landfill gas and trash combustion sources. A Sununu provision to provide a 10 percent tax credit for the purchase of energy-efficient wood pellet stoves - an initiative he advocated in earlier legislation - is also included.

Specifically, the renewable energy tax provisions that were passed as part of the housing bill would:

- Extend the 10% energy-efficient credit for existing homes through 2009. The credit can be used for purchases of energy-efficient exterior doors and windows, storm windows, metal roofs, insulation, central air conditioning and heating, and other qualified property. The provision also includes a Sununu provision, adding biomass fuel property (stoves to heat a residence or water in such a residence) as qualified energy-efficient building property.

- Extend the Renewable Electricity Production Tax Credit’s (PTC) placed-in-service date through 2009 for facilities that generate electricity from wind, closed-loop biomass, open-loop biomass, geothermal energy, solar energy, small irrigation power, landfill gas, and trash combustion. Once a facility is qualified, a taxpayer may claim the credit annually over a 10-year period that commences on the facility’s placed-in-service date. The provision also adds marine renewables (wave, current, tidal power, ocean thermal) as qualifying facilities...