Bailout Legislation Extends and Expands Tax Breaks for Renewable Energy and Sustainable Development

      Last week, after days of consternation over how Congress might assist Wall Street (and Main Street), the Emergency Economic Stabilization Act of 2008 (the Act) was passed and signed into law.  While the Act does contain provisions aimed at stabilizing U.S. markets, the Act also contained several "sweeteners" that were quickly highlighted by the mainstream media (among them, excise tax exemptions for wooden arrows and reduced import duties for wool fabrics).  The Act also provides incentives directly related to renewable energy and sustainability such as incentives for small wind projects, bicycle commuting, recycling programs, and a "carbon audit" of the tax code.  Also buried within the Act are extenders for certain federal tax deductions and credits that remain in high demand such as the new markets tax credit, the energy efficient building deduction, and various renewable energy tax credits, including the renewable energy production tax credit discussed in more detail below.

      If you or your clients are producing qualified energy or developing qualified energy facilities, now is the time to consider what federal tax incentives might be available for your project.  Read the entire article regarding these tax breaks for renewable energy and sustainable development.