Your Update on Energy Tax Legislation
Clean tech taxcess tracker - May 21, 2010
Last night, House Ways and Means Committee Chairman Sander Levin, D-Mich., released statutory language of the American Jobs and Closing Tax Loopholes Act, legislation that would retroactively extend for one year numerous expired tax provisions including the new energy efficient home credit under section 45L and the production tax credit for diesel fuel created from biomass, among numerous others. The legislation would also permit grants in lieu of the section 45M credit for purchases of energy-efficient appliances for 2009 and 2010.
House leaders delayed consideration of the legislation until early next week. The Senate is expected to take up the legislation following House consideration, as Democratic leaders work to send a final bill to the President before leaving for the Memorial Day recess.
See beginning on page 18 of the linked statutory language for the energy tax title.