Connect with us

Hi, what are you looking for?

CleanTechnica

Wind Energy

$30 Million Tax Credit for Offshore Wind in Democrats’ Tax Bill

One big problem for the US, compared with Europe and China, is that not enough money is invested by the government in the massive conversion needed to advanced renewable energy.

In previous ages it was the US government that invested in the start of the railroads, telegraph, interstate highways and other massive change infrastructure. But now there is little government support of the new infrastructure needed.

We supposedly prefer drowning government in a bathtub. Which is fine if you are Somalia. But not in the developed world.

This puts the US at a competitive disadvantage, with the world bypassing us in the cleantech race. But this year saw the beginning of private investment in what is normally government investment in completely new tech infrastructure, with Google’s massive investment in off-shore wind.

Shouldn’t our government be making that sort of out-on-a-limb investment more attractive? Turns out, ours is.

This week Senate Democrats offered tax incentives to make renewable investment more attractive to VC investors in a bill proposed by Senator Feinstein to be included in the Tax bill, with the Advanced Energy Tax Incentives Act of 2010.

(SEC 966) Investors in off-shore wind will get a tax credit of up to $30 million a year till 2016 Off-shore is defined as including on inland  waterways as well, that have wind potential; for example on the Great  Lakes.

The Obama administration has streamlined the permitting of off-shore wind. Already 53 Democrats out of 58 voted for renewable energy in the first attempt to pass the tax bill.

Then they over ruled the Republicans who tried to force the Obama administration to take out the renewable energy stimulus tax credits. The Democrats prevailed. Now these provisions are back in.

This is likely to pass in tomorrow’s tax bill.

[Update 12/16/2010: In the end none of the many amendments offered on 12/13 were allowed. Most were terrible, so for the others, it was a good thing, but unfortunately for this one. It did not get a chance at an up or down vote, despite Energy Chair Senator Bingaman’s support]

Susan kraemer@Twitter


Appreciate CleanTechnica’s originality? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 
 
Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Written By

writes at CleanTechnica, CSP-Today and Renewable Energy World.  She has also been published at Wind Energy Update, Solar Plaza, Earthtechling PV-Insider , and GreenProphet, Ecoseed, NRDC OnEarth, MatterNetwork, Celsius, EnergyNow, and Scientific American. As a former serial entrepreneur in product design, Susan brings an innovator's perspective on inventing a carbon-constrained civilization: If necessity is the mother of invention, solving climate change is the mother of all necessities! As a lover of history and sci-fi, she enjoys chronicling the strange future we are creating in these interesting times.    Follow Susan on Twitter @dotcommodity.

Comments

#1 most loved electric vehicle, solar energy, and battery news & analysis site in the world.

 

Support our work today!

Advertisement

Power CleanTechnica: $3/Month

Tesla News Solar News EV News Data Reports

Advertisement

EV Sales Charts, Graphs, & Stats

Advertisement

Our Electric Car Driver Report

30 Electric Car Benefits

Tesla Model 3 Video

Renewable Energy 101 In Depth

solar power facts

Tesla News

EV Reviews

Home Efficiency

You May Also Like

Air Quality

From smooth, quiet running to industry-leading active safety systems, Volvo VNR electric semis offer plenty of compelling reasons for fleet owners to buy them....

Batteries

The Nevada Governor's Office of Economic Development has conducted an audit of Tesla's and parter Panasonic's spending in Q4 2017. The office found that...

Air Quality

The story regarding the tax bill Republicans are set to pass in Congress tomorrow is wickedly clear: It cuts taxes on the super rich...

Clean Power

With the Senate Republican tax bill racing towards a contentious vote despite numerous obstacles, a group of American energy trade bodies have penned an...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.