Energy Tax Credits
The Congress passed the “Emergency Economic Stabilization Act of 2008,” in October 2008. This contained a group of measures that extended the expiring alternative energy tax credits.
The extension was in answer to the plea of various environmental groups like the Environmental and Energy Study Institute (EESI) and the renewable energy industry. Speaker Nancy Pelosi said the extension of these clean renewable energy tax incentives "will create and save half a million good-paying jobs in America immediately."
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Below are some highlights of the Act:
1. A one-year extension of production tax credit (PTC) for wind and refined coal facilities through January 1, 2010
2. A two-year PTC extension for energy produced from geothermal, biomass, and solar facilities
3. Elimination of the $2,000 tax credit cap for residential solar electric installations
4. Creation of a new tax credit for certain combined heat-and-power systems
5. Provision of $800 million in Clean Renewable Energy Bonds (CREBs) to help finance renewable energy projects
6. Extension of a 50 percent first-year depreciation for cellulosic biomass ethanol plants to include any plant producing biofuels from cellulosic biomass sources
7. Creation of a new tax credit for plug-in hybrid vehicles
8. Extension of tax credits for builders of new energy-efficient homes through 2009
9. Extension and increase of tax credits for energy efficient appliance manufacturers
10. Extension of authority to issue bonds for qualified green building and sustainable design projects through 2011