Daniel Englander

(Update) Senate Drops Wind & Solar Investment Tax Credit in Midnight Massacre February 7, 2008 at 6:31 AM

Consideration of the one year extension for the wind and solar investment tax credit has been dropped from Congress’s economic stimulus bill. Senate Democrats fell two votes short of cloture on the Senate Finance Committee’s amendment to the House’s stimulus plan, achieving only 58 nods in favor. The Senate dropped the ITC late into the night, and will push through the stimulus plan without it. As it stands now, the ITC is set to expire at the end of 2008.

The Solar Energy Industries Association has issued a release from Rhone Resch on the Senate’s failure to pass the ITC extension. Citing support from Senators Baucus, Reid, Grassley, and Cantwell, Resch stated “[i]t is crucial for Congress to return to work to pass an 8-year investment tax credit.” The SEIA wants to push through a 30 percent ITC with an eight year duration for commercial installations and a six year duration for residential applications.

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