02 Jan '13, 5pm

Geothermal Industry Applauds Congressional Action on Tax Legislation

Washington, DC (January 1, 2013) --The Geothermal Energy Association applauds Congress for adopting today, as part of bi-partisan tax legislation, important changes in the underlying terms of the federal tax incentives for new geothermal and other renewable power projects. The modification adopted, which allows projects to qualify for the production tax credit based upon being under construction, represents an approach to renewable tax incentives that will work more effectively for geothermal and other renewable power technologies that have longer development lead times. “The Geothermal Energy Association estimates that new geothermal power projects in as many as a dozen states could be stimulated to move forward this year as a result of this change,” said GEA Executive Director Karl Gawell. “Congress’ action will spur significant new employment and sustain geothermal indu...

Full article: http://www.geo-energy.org/pressReleases/2013/TaxLegislati...

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