Kerry Bill Would Extend Tax Incentives

Senator John Kerry (D-Mass.) has introduced new legislation to extend tax incentives for the renewable energy industry for an additional two years.

The Clean Energy Technology Leadership Act of 2010 will provide tax incentives for clean energy manufacturing, renewable energy, and energy efficiency.

Highlights of the bill, which aligns with a $25 billion tax package being considered in the House, include:

• provide additional funding for the advanced energy manufacturing credit and uncap the credit for solar energy property, fuel cell power plans, and advanced energy storage systems, including batteries for advanced vehicles
• extend and modify tax incentives for new energy efficient homes, nonbusiness energy property improvements, and energy efficient commercial buildings
• encourage clean transportation by providing incentives for natural gas heavy vehicles
• extend the excise tax credit for biodiesel and renewable diesel retroactively for 2010 and through 2012
• modify the cellulosic biofuel tax credit to include algae based fuels
• extend the credit for domestic manufacturers of energy appliances
• provide an additional $3.5 billion for clean renewable energy bonds
• extend the research and development tax credit retroactively for 2010 and through 2012 and provide an additional 10% credit for qualified advanced energy research expenditures.

“Providing incentives for clean energy production will drive our economy forward and take us one step closer to reducing our carbon emissions and ending our dependence on foreign oil,” Kerry said.

Read Boston Globe coverage at the link below.