Renewable Energy Tax Credits
Source: Novogradac Journal of Tax Credits (8/4/10)
"Treasury Dept. releases further guidance on alt. energy tax credits."
The National Renewable Energy Laboratory (NREL) and the University of Delaware (UD) will facilitate the potential establishment of a commercial wind turbine test site off the Delaware coast. This would allow researchers to study complete turbine systems at sites exposing them to typical offshore conditions before installing multiple full-scale commercial turbines. NREL and UD will develop test procedures specific to this harsh offshore wind environment and establish methods to predict wind energy costs. Should the offshore test site become reality, NREL and UD studies should generate the information needed to improve offshore wind's performance, reliability and cost-effectiveness.
Ways and Means Committee Chairman Rep. Sander Levin, D-Mich., released the draft legislative text of the Domestic Manufacturing and Energy Jobs Act of 2010 on July 26. The bill would expand the Section 48C advanced manufacturing tax credit to provide an investment tax credit for expenditures to re-equip, expand or modify facilities that manufacture solar energy property, fuel-cell power plants and advanced energy-storage systems and increase the allocation cap for other facilities by $3 billion. It would also extend the Section 1603 direct payment in lieu of production tax credit and investment tax credit program through 2012; create a program to award $2B of investment tax credits to support taxpayer efforts to improve domestic energy efficiency.