03 Jan '13, 11am

Wind and bioenergy industries celebrate as US renewable energy tax credits saved: The renewable energy industry’...

Investment Tax Credits for community and offshore projects have also been extended, while the biodiesel tax incentive has been reinstated for 2012 and 2013. Democrats and Republicans struck a deal on the measures in order to avoid the so-called “cliff” which would have triggered a series of automatic tax hikes and spending cuts in the event of a failure by the two parties to agree a fiscal regime for 2013. The deal struck for the American Taxpayer Relief Act of 2012 will cover all wind power projects that start construction in 2013, after a campaign by the wind industry to allow for the 18-24 months it takes to develop a new wind farm. Leaders of the Senate Finance Committee included the provision in a "tax extenders" package they assembled in August, which made it into the overall fiscal cliff deal that was passed by the Senate, and then the House of Representatives. The ...

Full article: http://www.renewableenergyfocus.com/view/30026/wind-and-b...

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