[RE-wrenches] FW: Renewable Energy Tax Law Alert: Production Tax Credits and Investment Tax Credits Extended

Fri Oct 3 15:11:12 PDT 2008

FYI.

Roger Dixon

Certified Wind Site Assessor

Skylands Renewable Energy, LLC

908.337.2057 cell

908.730.6474 fax

roger.dixon at att.net

From: Stoel Rives LLP [mailto:stoel_rives at stoel.com] 
Sent: Friday, October 03, 2008 6:07 PM
To: Roger G. Dixon
Subject: Renewable Energy Tax Law Alert: Production Tax Credits and
Investment Tax Credits Extended

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Renewable Energy Tax Law Alert

Production Tax Credits and Investment Tax Credits Extended

October 3, 2008 

Today the House passed, and President Bush signed into law, H.R. 1424, which
includes the Energy Improvement and Extension Act of 2008 (the Act). The Act
contains the much-anticipated extension of the production tax credit (PTC)
and investment tax credit (ITC) sunset dates.

The Act extends the PTC placed-in-service sunset date for certain wind and
refined coal facilities until December 31, 2009, and extends the PTC
placed-in-service sunset date for certain other qualifying facilities until
December 31, 2010. The Act also expands the PTC to include certain marine
and hydrokinetic renewable energy facilities placed in service on or before
December 31, 2011.

The Act extends the ITC placed-in-service sunset date for solar, fuel cell
and microturbine property until December 31, 2016 and expands the ITC to
include combined heat and power system property, qualified small wind energy
property, and geothermal heat pump system property.

In addition, H.R. 1424 contains a variety of other renewable energy tax
provisions, including provisions allowing the energy credit to offset
alternative minimum tax liability; increasing the amount of the biodiesel
and renewable diesel fuel credits and extending the sunset dates until
December 31, 2009; authorizing new clean renewable energy bonds and
qualified energy conservation bonds; and extending the energy efficient
commercial buildings deduction and the new energy efficient home credit.

Please feel free to forward this client alert on to others you think may be
interested. To receive future updates on renewable energy issues, including
further updates concerning H.R. 1424, please subscribe
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