HR 2776 [RE-wrenches]

[Antony Tersol]

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      from http://www.verdeenergy.com/blog/


      U.S. House passes renewable energy bill increasing solar tax credits

The U.S. House of Representatives has voted in favor of the energy tax 
package in today's rare Saturday session providing strong incentives for 
solar power.

Two bills passed in today's session, H.R. 2776 and H.R. 3221, both 
strongly supported by the SEIA and other solar industry stakeholders. 
The package provides additional long-term support for solar power 
through the extension and increase of the solar Investment Tax Credit.

H.R. 2776 contains the following solar provisions:

- Provides an eight-year extension of the existing 30 percent Investment 
Tax Credit for businesses under Section 48 of the tax code
- Provides the ability for corporate and personal filers to claim the 
Investment Tax Credit against the Alternative Minimum Tax (AMT)
- Removes the prohibition barring utilities from using the section 48 
Investment Tax Credit
- Provides no extension of the existing 30 percent Investment Tax Credit 
for homeowners under Section 25 of the tax code, but eliminates the 
existing $2,000 maximum dollar limitation
- Provides up to $2.4 billion in bonding authority for the issuance of 
Clean Renewable Energy Bonds

If this energy package ultimately becomes law, these incentives will 
provide much needed support for the solar industry and will help to make 
solar power available to more homeowners and businesses across the 
country. The energy package must first be reconciled with the Senate 
version, and then be signed into law by the President.

For more information about both bills, click on the House website 
-http://majoritywhip.house.gov/whip_pack/.
/posted by Rob Powell @ 5:57 PM 
<http://www.verdeenergy.com/blog/2007/08/us-house-passes-renewable-energy-bill.html>/ 


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