Extension of Credits

Better enjoy anything while it's here, after the first of the year the roll backs will be fast coming for at least the next two on everything positive. Advances in the past eight years will be history!

US Senate approves extension of credits for renewable energy, ethanol">

15Dec2010 - The US Senate approved an $858 billion package of tax cuts and credits Wednesday, advancing the plan -- which includes major extensions of ethanol tax credits and renewable energy initiatives -- to the House of Representatives.

Senators voted 81-19 to approve the plan, which continues middle- and upper-income tax cuts made by former President George W. Bush and extends a plethora of other programs.

Included in the Senate-approved bill are extensions of the so-called "Section 1603" funding for renewable energy projects, a 45-cent/gal credit for blenders to add ethanol to their gasoline mixes and a 54-cent/gal tariff on imported ethanol.

"This vote brings us one step closer to ensuring that middle class families across the country won't have to worry about a massive tax hike at the end of the year," President Barack Obama said in a statement Wednesday afternoon.

Ethanol producers sought the one-year extension of the Volumetric Ethanol Excise Tax Credit, (VEETC) and the tariff. While groups representing the solar and wind energy industries have pushed heavily for the Section 1603 renewable energy funding extension which covers upfront up to 30% of the cost of a project. {continued}