Tax credits for production of wind-powered electricity would get extended for another year, and credits for offshore wind power facilities would be available through 2025. Credits for carbon capture and sequestration projects would also be renewed through 2025.
“The agreement extends and expands tax incentives for clean energy that have been critical in moving us toward a low-carbon economy,” Senate Finance ranking member Ron Wyden, D-Ore., said in a statement. “Importantly, breaks for solar and wind power have been preserved, and incentives for making buildings more energy efficient have been made permanent.”
Numerous other temporary tax breaks, such as depreciation deductions for racehorse owners and credits for U.S. firms such as tuna producer StarKist Co. that operate in American Samoa, would be renewed for one year through 2021.
Opponents of temporary tax policies span the political spectrum from Americans for Prosperity to the Committee for a Responsible Federal Budget to consumer advocate U.S. PIRG. The groups, though, have argued in one voice that one-year extensions, often done retroactively, do not encourage their targeted behaviors, such as energy conservation, clean fuels or individual tax planning.
As negotiations over the new extenders package heated up, Senate Finance Chairman Charles E. Grassley noted earlier this month that “there is quite a drive to do more than just the one year extensions.”
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December 21, 2020 at 06:03PM
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Craft brewers, railroads and more to see permanent tax breaks - Roll Call
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