Clean Tech Taxcess Tracker
Your Update on Energy Tax Legislation
Date: May 12, 2010
Senate Finance Committee member John Kerry, D-Mass., and Senator Joe Lieberman, I-Conn, released today their anticipated legislation, the American Power Act, that creates a cap-and-trade program similar to legislation passed by the House in June 2009. As suggested by yesterday’s circulated draft summary, the legislation proposes to expand by $5 billion the section 48C Advanced Energy Manufacturing Project Credit as established under the American Recovery and Reinvestment Act of 2009 (P.L. 111-5).
Further action on this legislation is unlikely until mid-June at the earliest following an economic analysis by the Environmental Protection Agency (EPA). Senate Majority Leader Harry Reid, D-Nev., indicated this week that he would like to gauge reactions to the legislation and determine chances for action after returning from the one-week Memorial Day recess that is scheduled to begin on May 31.
Senate Finance Committee Chairman Max Baucus, D-Mont., would also have to agree to the tax incentives in the legislation before legislative action could occur.
See page 827 of the linked statutory language for the 48C provision.