Legislation To Increase Geothermal Tax Credit Introduced In U.S. Senate
Federal legislation to increase investment in geothermal power facilities and technologies, and give producers the ability to compete with other renewable energy resources, such as solar, on an equitable basis was recently introduced by Senator Ron Wyden (D-Ore.) and Senator Mike Crapo (R-Idaho). The Geothermal Energy Investment Bill of 2010 proposes to raise the federal tax credit on geothermal energy investments through calendar year 2016 from 10 percent to the 30 percent currently available for solar and fuel cell technology investments.
“When it comes to the tax code, not all renewable energy sources are created equal,” Wyden said. “This bill levels the playing field for geothermal energy to reduce the financial barrier holding back this important resource so that the market can decide which technologies work and which don’t.”
Crapo adds: “Geothermal saves tax dollars and energy costs in the long term and we must continue to expand our energy portfolio to incentivize the use of alternative and renewable energy sources such as geothermal.”
An identical companion bill has been introduced in the House of Representatives by Rep. Earl Blumenauer (D-Ore.).