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Senate Finance Takes Important Step on Tax Extenders, More Work Needed

Posted by Industry News on Apr 3, 2014

“Today, the Senate Finance Committee took a critical step toward modernizing America’s energy infrastructure by approving a tax extenders package that will support continued investment in advanced energy technologies,” said Todd Keller, vice president for federal policy at Advanced Energy Economy, a national business association. “Business needs stability in tax treatment, and the expiration of vital advanced energy tax credits at the end of last year was disruptive to the marketplace. This legislation goes a long way toward providing the certainty needed to drive the innovation and deployment of advanced energy technologies and services that make our nation’s energy more secure, clean and affordable.


“The package approved by the committee extends vital tax credits through the end of 2015 for advanced energy technologies such as wind power, energy efficient buildings, smart grid, advanced fuels, and advanced transportation. However, we continue to call for extending the investment tax credit to projects that commence construction before the expiration date. Some solar and fuel cell projects can take years to develop and need tax certainty to obtain financing. This adjustment was made for the production tax credit, and has helped support continued investment in wind.”


“The bulk of the advanced energy sector grew four times the rate of the national economy last year, while the uncertainty surrounding the PTC over the past two years has had the wind industry on a roller-coaster. To maintain American leadership across advanced energy markets, policy certainty must be restored by extending the vital tax credits that expired last year.


“We agree with Chairman Wyden that a package that extends tax credits through 2015 can ‘build a bridge to comprehensive tax reform.’ Properly designed tax reform could bring long-term stability to the advanced energy sector and the broader American economy. While we look forward to working with Congress on energy tax reform that focuses on reaching energy system goals, establishing policy stability, and utilizing a technology neutral approach, businesses need certainty now. Congress should pass a multi-year extension of advanced energy tax credits without delay.”

Topics: Press Releases