April 7, 2016
The renewable energy tax credits were all but left for dead in the tax deal struck in December, however Democrats have found a vehicle to revive the credits. Senator Thune, chairman of the Senate Commerce, Science and Transportation committee, alerted his Republican colleagues earlier this week that the FAA reauthorization bill wouldn’t move unless a compromise to extend the credits was struck with the Democrats.
“I think it’s going to be hard to probably get on the bill, a motion to proceed, or to get off the bill, unless we in some fashion address the Democrats’ concerns, cause it’s going to take 60 votes to get this done”, Thune told reporters.
Today Senator Wyden, top Democrat on the Senate Finance Committee, signaled that he along with Chairman Hatch were pushing a deal to be added to the FFA reauthorization bill that is expected to be voted on next week. The deal would extend investment tax credits for renewable energy sources (details of which sources are still in the works) and extend the carbon capture tax credits.
Other language expected in the deal is the extension of the fuel cell tax credit. The credit, which is set to expire at the end of 2016, would be authorized for an additional five years maintaining its existing rate at 30 percent for qualified fuel cell property or $3,000/kw of the fuel cell nameplate capacity, whichever is less.
A cloture motion has been filed signaling a close to debate and a vote is expected early next week when the Senate returns from the weekend.
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