As of last Monday, things looked pretty bleak for renewable energy tax credits set to expire at the end of the year. As we reported, both the House and the Senate had approved renewing the energy tax credits, but the President had vowed a veto of the House version, and the House refused to accept the Senate version.
Given the situation with the economic mess and the bailout plan that failed passage in the House on Monday, it appeared likely that the impasse over renewable energy tax credits wouldn’t get solved in time to rescue them from expiring at the end of the year, putting thousands of jobs and millions of dollars of investment capital in renewable energy projects at risk.
Despite how distasteful the idea is of a “bailout” from the government for shoddy financial dealing in the private sector, it now looks like the plan passed in the Senate last night may just bailout renewable energy tax credits along with our friends on Wall Street.
Attached to the $700 billion bailout plan is a provision to extent renewable energy investment and production tax credits.
As reported in the Boston Globe and Reuters, the key elements of the provision include:
All eyes are now back on the House, which takes up debate on the Senate package today, with a vote expected on Friday.