Cohocton Wind Watch: US Senate revives tax breaks
Cohocton Wind Watch is a community citizen organization dedicated to preserve the public safety, property values, economic viability, environmental integrity and quality of life in Cohocton, NY and in surrounding townships. Neighbors committed to public service in order to achieve a reasonable vision for a Finger Lakes region worthy of future generations.


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Wednesday, May 14, 2014

US Senate revives tax breaks

The US senate today voted 96 to 3 to advance a ‘tax extenders’ bill, which includes renewable energy tax credits.
During a procedural vote the legislators agreed to open debate on the bill, which includes renewal of the production tax credit (PTC) and investment tax credit (ITC) as part of an $80bn package of about 50 tax breaks that lapsed 31 December.
The EXPIRE Act extends the provisions for two years through 31 December 2015.
The PTC pays 2.3 cents/kWh during the first 10 years of operation and the ITC is worth up to 30% of the costs of developing and building wind projects.
The Senate will consider the bill again at a later time.
The Republican-controlled House of Representatives is reviewing similar legislation.

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