The U.S. Senate is prepared to vote on the Clean Energy Tax Stimulus Act of 2008 as early as tomorrow. The bill would extend the production tax credit (PTC) for renewable energy projects by one year and the investment tax credit (ITC) for eight years. Both are desperately needed to help incentivize the young renewable energy industry in the U.S.
In recent months Congress has failed on two attempts to pass extensions for the credits, which are set to expire at the end of 2008. However, this bill–unlike previous attempts–does not tie the incentives for renewables to reduced incentives for the oil and gas industries. So, Republicans are less likely to block its passage.
The bill, which may be offered as an amendment to pending housing legislation, also includes important energy efficiency tax credits.
Please contact your senators and urge them to support S. 2821.
The American Wind Energy Association has created an easy online form for e-mailing your senator.
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