Domenici Supports Financial Rescue Plan with Key Renewable Energy Tax Extensions
U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee and former chairman of the Senate Budget Committee, announced his intention to support the Emergency Economic Stabilization Act when it is considered by the Senate tonight.
In addition to provisions aimed at limiting further damage to the U.S. economy, the legislation contains vital tax extensions for the renewable energy industry that were passed by the Senate last week. These include a one year extension of the production tax credit (PTC) for wind energy and refined coal and a two year extension of the PTC for other energy sources. It also extends the 30 percent investment tax credit for solar energy for eight years.
"I will vote for this plan because it is what our nation needs now. We must take action to restore confidence not just in the U.S. financial markets, but on every Main Street and in every home. I am certain the Senate will pass this financial rescue plan, which includes strong taxpayer protections, stronger regulatory oversight and reduction in executive compensation. This bill can't cure all America's economic problems, but if we don't act things will get much worse. We cannot risk the consequences of doing nothing. It's just that simple," Domenici said.
"I also support this package because it contains vital tax extensions for renewable energy sources which are set to expire at the end of this year. Promising technologies like wind, solar, biomass and geothermal will play an important part in our energy futureif we continue to support them. Just a week ago, the Senate passed these same extensions by a wide marginbut once again, the House has not acted. I applaud the decision by Senate leaders to include these tax provisions, as well as mental health parity and the AMT patch, in the rescue package," he continued.
In addition to extending the PTC and solar tax credits, the legislation will increase tax credits for fuel cells and provide a new tax credit for geothermal heat pumps. The bill also removes the credit cap for solar electric investments and authorizes $800 million for new clean renewable energy bonds to finance facilities that generate electricity from clean sources.
The bill also includes a reauthorization of the Secure Rural Schools and Community Self-Determination Act and the Payment in Lieu of Taxes program.