Renewable energy scores in bail out bill

Washington, D.C., Oct. 7, 2008 — After more than a year of debate, both chambers of the U.S. Congress have approved a bill to extend the renewable energy production tax credit (PTC) through December 31, 2009 as part of the bail out bill.

The U.S. Senate passed a one-year extension of the PTC as part of the tax package attached to the Economic Stabilization Act of 2008, H.R. 1424. The bill also provided for the creation of an eight-year investment tax credit (ITC) for small wind turbines. The U.S. House of Representatives, in turn, passed the same bill by a vote of 263 to 171. The President promptly signed the bill into law.

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