Solar & Renewable Energy Tax Credits

Senator Chuck Grassley (R-IA), along with a bi-partisan group of U.S. Senators, introduced the American Energy and Job Promotion Act (S. 2201) which would amend the Internal Revenue Code of 1986 to extend the wind energy production tax credit (PTC) for two years.

On March 13, the United States Senate voted on several remaining amendments to the Moving Ahead for Progress in the 21st Century, or the MAP-21 Act (S. 1813).

The IRS recently released Notice 2012-23 to provide guidance on tax-related issues involving cash payments for specified energy property in lieu of tax credits under Section 1603 of the American Recovery and Reinvestment Tax Act of 2009 (ARRTA).

The Solar Energy Industries Association (SEIA) last week released a report entitled, “Economic Impact of Extending the Section 1603 Treasury Program.”

On July 18, U.S. Sen. Tom Coburn (R-Okla.) unveiled a massive deficit reduction plan that calls for slashing federal spending, including for housing programs, and eliminating tax credit programs that promote affordable housing and community development, historic preservation, and renewable energy production.

The U.S. Department of Energy (DOE) has published a final rule to implement an update to the baseline Federal energy efficiency performance standards for the construction of new Federal buildings.

The U.S. Department of the Treasury has released specific cost benchmarks for applicants to the Section 1603 grant program.

The Treasury Department recently posted updated guidance for the Section 1603 grant in lieu of energy tax credit program, as well as an updated list of frequently asked questions about the 1603 program and their answers.

U.S. Senator Debbie Stabenow (D-MI) recently introduced an amendment to S. 493 that would extend the Section 48C Advanced Energy Manufacturing Tax Credit program.

The Department of the Treasury’s FY-2012 Budget Proposal included two major changes to the low-income housing tax credit. The changes if enacted with create a basis boost for certain bond transactions and encourage owners to create more mixed-income housing.

President Obama on Friday signed into law the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. The House last week passed the bill by a vote of 277-148. The Senate approved the bill on December 15 by a vote of 81-19.

The U.S. Senate today passed the $858 billion legislative tax package by a 81 to 19 vote. Senate Majority Leader Harry Reid (D-Nev.) this week introduced the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, a bill to extend the “Bush Tax Cuts,” as well as a number of tax credit programs that were modified by the American Recovery and Reinvestment Act (ARRA).