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Stay up to date with the latest stories, insights, and announcements.Tax Extenders, Omnibus Legislation Provide Rare Certainty for Tax Credit Community
By Michael J. Novogradac, Washington Wire.
When House and Senate leaders announced their tax extenders and omnibus spending bills in mid-December, the tax credit community got a rare gift: a strong degree of certainty, which was a big change from recent year-end legislation.
Key Tax Credits Extended
After months of talks and weeks of serious negotiations over tax extenders and spending, Congress struck a pair of deals less than two weeks before Christmas that provided rare midterm certitude for several tax credits:
New Players Challenge Clean Power Plan
By H. Sterling Burnett, The Heartland Institute.
A flurry of last minute lawsuits were filed challenging the centerpiece of Obama administration’s fight against global warming, the clean power plan.
At least ten new parties filed lawsuits in the Court of Appeals for the District of Columbia Circuit challenging the rules just before the December 22 deadline to challenge the regulations. Those filing suite on December 22, joined more than 27 states, and dozens of energy companies, business groups and others who have already filed suit to block the regulations for either new or existing power plants. The new challengers include, the Competitive Enterprise Institute, the American Forest & Paper Association, the American Wood Council, the Energy-Intensive Manufacturers’ Working Group on Greenhouse Gas Regulation, the Local Government Coalition for Renewable Energy, the National Alliance of Forest Owners, Minnesota Power, Prairie State Generating Co., Denbury Onshore and the Biogenic CO2 Coalition.
Why business no longer fears carbon pricing
By Barbara Grady, GreenBiz.
Despite all the shouting in Congress about how constraining carbon emissions could harm business and jobs, an interesting call emerged from the business community in recent months: They're asking for policies that reflect the cost or price of emitting carbon.
A price on carbon would add certainty to decisions around cutting emissions and unleash more investment into the low-carbon economy, experts say. Hundreds of companies already have made that calculus privately.
CDP reported during the U.N. climate talks in December that more than 1,000 companies disclosed in their 2015 reports to CDP that they either have implemented a price on carbon for internal decision making and communications to stakeholders, or they plan to do so in the next two years. CDP called this (PDF) "a number that was unthinkable just a few years ago."
San Mateo to convert its waste into fuel
City is first to turn biogas into compressed natural gas at wastewater plant.
By Samantha Weigel, The Daily Journal.
Most might not consider that flushing a toilet or running a dishwasher could contribute to fueling a vehicle. But such is the future for thousands of local residents, as San Mateo will break ground on California’s first city-run biogas conversion project to produce compressed natural gas at its wastewater treatment plant.
Officials will break ground Friday, Dec. 11, on a nearly $5 million improvement that will contribute to the city’s sustainability goals by reducing its dependency on gasoline thereby reducing greenhouse gas emissions.
After receiving a $2.45 million grant from the state, the city plans to construct a digester that will capture underutilized biogas, which naturally occurs while treating wastewater, and turn it into compressed natural gas that will be used to fuel new city-owned vehicles.
Obama signs $1.8 trillion funding and tax deal
By Sylvan Lane, The Hill.
President Obama signed a $1.8 trillion deal to fund the government through September 2016 and extend tax breaks Friday afternoon. His signature concludes weeks of negotations between the parties as lawmakers head home for Christmas.
Despite grumblings from some members of both parties, the House passed the $622 billion tax deal on Thursday by a 318-109 vote, and the $1.1 trillion omnibus spending bill Friday morning 316-113. The Senate passed both in a combined package shortly after in a 65-33 vote.
Obama vetoes bills to nullify CO2 regulations
Washington, 21 December (Argus) — President Barack Obama has vetoed a pair of congressional resolutions to overturn CO2 emissions regulations for power plants.
The resolutions the president vetoed would have nullified the US Environmental Protection Agency's (EPA) Clean Power Plan for existing power plants and its CO2 emissions limits for new generating units, the White House said on 19 December.
"The Clean Power Plan is essential in addressing the largest source of greenhouse gas pollution in our country. It is past time to act to mitigate climate impacts on American communities," Obama said in a memorandum dated 18 December that accompanied his veto of SJ Res 24, which would have overturned the existing unit standards.
Senate sends $1.8 trillion deal to Obama
By Alexander Bolton, The Hill.
The Senate voted overwhelmingly Friday in favor a $1.8 trillion package of spending bills and tax breaks, sending the legislation to President Obama’s desk for his signature.
The 65-33 vote effectively wraps up the congressional session for the year, with the House and Senate adjourning for the holiday recess.
Senate Majority Leader Mitch McConnell (R-Ky.) hailed the vote as a major accomplishment fulfilling his 2014 campaign pledge to get the Senate back on track if voters gave Republicans control.
Proposed Extension of Tax Credits for Renewable Energy Would Have Uneven Effect
By Diane Caldwell, The New York Times.
After months of taking a beating in the markets, renewable energy companies suddenly seemed to be on firmer footing this week, as lawmakers proposed extending important tax credits in exchange for lifting the decades-old ban on exporting American crude oil.
But even as renewable energy stocks rallied — SolarCity’s shares surged more than 40 percent — and advocates and executives cheered, some sectors of the industry appeared to benefit more than others.
The solar and wind industries got much of what they wanted, energy specialists said, while some technologies, like fuel cell storage and geothermal, were largely left off the table. Biofuels were somewhere in the middle.
Pelosi Questions Support for Deal to Extend Renewable Energy Tax Credits
By Julia Pyper, Greentech Media.
The House of Representatives passed a tax extenders bill this afternoon that includes a two-year extension of wind energy tax credits.
While the vote shows movement on Capitol Hill, House Minority Leader Nancy Pelosi said she may not have the Democrat votes needed to pass a budget bill, which includes incentives for both wind and solar.
The omnibus spending bill would fund the U.S. government through 2016, and provide a multi-year extension of the Production Tax Credit (PTC) for wind and the Investment Tax Credit (ITC) for solar. These measures are favorable to Democrats, but come in exchange for lifting the 1975 crude oil export ban -- a move championed by Republicans.
House approves $622B tax plan
By Naomi Jagoda and Cristina Marcos, The Hill.
The House on Thursday passed a sweeping $622 billion tax package, the first of two massive end-of-year measures Congress is using to conclude this week.
The "tax extenders" bill was approved in a 318-109 vote, with 241 Republicans joining 77 Democrats in backing the measure.
Only 3 Republicans (Reps. Justin Amash (Mich.), Chris Collins (N.Y.) and Walter Jones (N.C.)) voted against the bill, which permanently renews a range of tax provisions following years of short-term extensions while extending other tax breaks through 2016 or 2019.
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