News

President Obama pushes for permanent production and investment tax credits

President Obama in Arizona, February 2012 (source: flckr/ intel, creative commons)
Francisco Rojas 5 Feb 2015

The US President wants to create a long-term, stable tax policy in place that would bolster renewable energy investment and development for the country.

The US President, Barrack Obama is looking into extending “the $0.023/kWh production tax credit (PTC) and 30% investment tax credit (ITC) as part of a $4 billion 2016 budget package.” according to local news.

The rationale behind this is to provide a long-term, stable tax policy in place that would bolster renewable energy investment and development. The same news source states that “the combined price tag of extending the PTC and ITC is an estimated $31.5 billion over the next decade alone, according the budget documents.

The budget proposal also includes a $4 billion fund to encourage US states to make faster and deeper cuts to emissions from power plants and $7.4 billion to fund clean energy technology programmes.

About three quarters of that goes to the Department of Energy, including more than $710 million to increase the use of power from solar, wind, water, and geothermal energy while reducing the cost of these technologies, and $193 million to support grid modernisation and clean energy integration.”

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Source: WindPower Monthly