The United States Congress had initially agreed to a tax incentive package, including extending credits to wind and solar projects that would be included in the Government Finance Act.
The package renewing tax relief, which could also provide for tax reductions for breweries and carbon storage, was the subject of bilateral discussions which resulted in an agreement in the tax committees of the House of Representatives and the Senate. The extension agreement depends on whether the leaders in the House of Representatives, the Senate and the White House agree to a broad spectrum of largely unrelated issues and a breakthrough on the Economic Aid Act, which has not been closed for months.
Last year's agreement to extend these tax credits for many years fell apart after the White House opposed some incentives for clean energy, and Congress instead passed a narrow, one-year extension of some non-controversial tax credits.
There is support for an extension by one year of lucrative tax credits for the wind and solar industry at their current level, as well as for a multiannual extension and extension of the tax credit to underground carbon storage, supported by oil companies. Credits for energy storage and offshore wind energy are also promoted.
Due to government plans, the number of solar power exchange companies, including SunPower Corp. and Sunrun Inc, increased sharply on Tuesday.
Author: Katarzyna Kołbuś. Editor leading RB Magazine. From Over 10 years related to industry press, including the Financial Gazette and portal ipip.com.pl, which focuses on finance, taxation, law, politics and the economy