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Tax Credits
Investment Tax Credits for High-Efficiency Biomass Heating Systems
BTEC strongly supports legislation that provides incentive for the installation of clean, high-efficiency biomass heating systems in residential, commercial, and industrial settings.
Active Legislation:
H.R. 5918 - Help Businesses Save Money by Switching to Clean, Affordable Energy Act
Sponsor: Rep. Paul Hodes (D-NH)
Summary:
- Establish a § 48 business renewable energy investment tax credit equal to 30% of the installed cost of biomass boilers or furnaces for commercial or industrial applications, with no maximum.
- Remove the passive activity tax exemption for the oil and gas industry.
- Extend the credit for three years through January 1, 2014.
Bill Full-Text: http://www.govtrack.us/congress/bill.xpd?bill=h111-5918
S. 1643 - Cleaner, Secure, and Affordable Thermal Energy Act
Sponsor: Sen. Olympia Snowe (R-ME)
Summary:
- Establish a new § 25C credit for 30% of the installed cost ($4,000 maximum) for home heating conversions from fuel oil to a biomass heating system
- Provides for accelerated depreciation of biomass thermal systems in non-residential installations under § 168
- Extend § 25C credits for residential biomass heating systems one year through December 31, 2011
Bill Full-Text: http://www.govtrack.us/congress/bill.xpd?bill=s111-1643
S. 3188 – American Renewable Biomass Heating Act of 2010
Sponsor: Sen. Jeanne Shaheen (D-NH)
Summary:
- Establish a § 48 business renewable energy investment tax credit equal to 30% of the installed cost of biomass boilers or furnaces for commercial or industrial applications, with no maximum.
- Make the § 48 tax credit available for biomass heating systems placed in service on or before December 31, 2013.
Bill Full-Text: http://www.govtrack.us/congress/bill.xpd?bill=s111-3188
H.R. 2080: American Renewable Biomass Heating Act
Sponsor: Rep. Paul Hodes (D-NH)
Summary:
- Extends the existing Internal Revenue Code Section 25 tax credit for residential biomass heating systems through December 31, 2013
- Expands the Sec. 25 tax credit to include all biomass heating appliances (stoves, boilers, and furnaces)
- Increases the limit of the Sec. 25 tax credit from $1,500 to $6,000
Bill Full-Text: http://www.govtrack.us/congress/bill.xpd?bill=h111-2080
Production Tax Credits for Renewable Thermal Energy
BTEC supports the establishment of a production tax credit (PTC) for renewable thermal energy. A similar credit already exists for the production of renewable electricity (Internal Revenue Code, Title 26, Section 45). A renewable thermal energy PTC could be implemented through a modification of the existing Section 45 credits or the development of a new section in the tax code.
Active Legislation:
S. 3626: Thermal Renewable Energy and Efficiency Act (TREEA)
Sponsor: Sen. Al Franken (D-MN)
Summary:
- Extend the Production Tax Credit (PTC) to the renewable production of thermal energy.
- Expand tax exempt bonding to cover all costs construction associated with district energy facilities and distribution systems.
- Reauthorize and expand the Department of Energy's Energy Sustainability and Efficiency Grants for Institutions Program through FY 2015.
More information: http://www.govtrack.us/congress/bill.xpd?bill=s111-3626
S. 1094: Renewable Energy Alternative Production Act
Sponsor: Sen. Ron Wyden (D-OR)
Summary:
- Expands the Internal Revenue Code Section 45 production tax credit to include renewable thermal energy in addition to renewable electricity
- Establishes a production tax credit for renewable thermal on a BTU basis (roughly $45/ton of biomass)
More information: http://www.govtrack.us/congress/bill.xpd?bill=s111-1094
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