Some Energy updates from our friend the SUN!


IITC Update
On Thursday, the House Ways and Means Committee approved the Energy and Job Creation Act of 2008 (HR 6049, formerly the Energy and Tax Extenders Act) a $54 billion energy and tax extenders package that extends for one year tax provisions that expired in 2007, extends for one year certain provisions that expire in 2008, and provides a package of energy tax incentives, including an extension and improvements to the solar ITC.

The bill extends for six years the 30 percent investment tax credit for both residential and commercial solar energy through 2014. Also, the bill increases the annual credit cap on residential solar energy to $4,000 (currently capped at $2,000). The bill removes an existing limitation that prevents public utilities from claiming the investment tax credit and also provides a new 10 percent investment tax credit for combined heat and power systems (microturbines and fuel cells). The bill also allows these credits to be used to offset the alternative minimum tax (AMT). The bill does not use controversial revenue raisers on oil and gas companies, previously included in House proposals.

The total cost of the energy tax incentives is nearly $17 billion, with the solar provisions at just under $1 billion over 10 years. The legislation also extends some tax provisions that expired in 2007, including the R&D credit. House floor action has been scheduled for Wednesday, May 21. SEIA staff will monitor the bill’s progress through the House and into the Senate.

Urgent Member Action Alert!
SEIA is asking all members to contact their Senators and urge them to pass HR 6049 and extend vital energy tax provisions.

To find your Senators’ contact information, go to http://www. congress. org/congressorg/directory/congdir. tt .. and type in your zip code. Below are your talking points:

-- The clean energy tax incentives play a vital role in creating new high-wage American jobs, spurring economic growth, promoting consumer purchases of energy efficient products, lowering energy bills for consumers and businesses, and of course reducing global warming pollution.

-- The incentives help the U.S. catch-up with other countries on the development and deployment of clean energy technologies.

-- Every day that passes without an extension places more American jobs at risk. Already clean energy projects in the U.S. are being put on hold while overseas growth in jobs and the manufacturing of equipment is surging overseas.

-- This is slowing our transition towards energy independence and our ability to remain competitive in the new clean economy that is going to be a huge part of the future.

Let's make our voices heard.

Thanks