Congress strikes deal to extend wind, solar tax credits and lift oil export ban
http://www.utilitydive.com/news/congress-strikes-deal-to-extend-wind-solar-tax-credits-and-lift-oil-export/410947/
House Republicans unveiled a broad spending and tax legislation package on Tuesday night that includes multi-year extensions for federal tax incentives for wind and solar generation facilities. The tax extenders legislation would also lift the 40-year-old ban on crude oil exports from the U.S.
Extensions for wind energy’s $0.023/kWh production tax credit (PTC) and solar energy’s 30% federal investment tax credit (ITC) were pushed by Congressional Democrats in exchange for lifting the ban on crude exports, a policy change long sought by Republicans and the oil and gas sector.
Under the tentative deal, the wind PTC would be extended through 2020 and would decline in value each year after December 2016 until it is phased out entirely. The solar ITC would be drawn down gradually through 2022.
“One Swallow does not a summer make”.