Ways and Means
Co-Sponsors: 1 – 1 Democrat
This bill extends the Code section 45 PTC (temporary production tax credit) and the election to take the section 48 ITC (investment tax credit) for closed-loop biomass, open-loop biomass, geothermal, landfill gas, trash facilities, qualified hydropower facilities, and marine and hydrokinetic facilities. The bill also makes sure the extension maintains the same terms for the same time and phase-out schedule that was provided to section 48 solar energy property in 2015. According to the current Code, the tax incentives for these non-wind section technologies have expired. The bill encourages continued investment in and a level playing field for renewable energy sources beyond just the wind technologies sector.
(Summarized from Stefanik Press Release)
This bill addresses Green Real Deal goal 2(C)p.5 to promote next-generation waste management.