Senate Votes on Wind Investment Tax Credit
The buzz over H.R. 6049 (Adobe pdf), (the bill that the senate vote on that will affect wind investment tax credit, among other energy, and tax issues), has the wind energy community coming out in full force over the Internet.
The American Wind Energy Association released a plea to voters today asking us to contact our representatives to let them know to support small wind investment tax credit.
Member companies such as South West Wind Power, among others were busy e-mailing their potential customer base asking them to e-mail or phone their representative.
Today the Senate voted on whether or not to extend the tax credit for investing in wind power until December 31st of 2009.
Under this bill millions of United States citizens wont be raised into a higher tax bracket as the result of a separate section of this bill.
The bill also extends research into wave energy. This extension will last two years under the bill.
Wave energy is electricity generated by the force of waves, very much the way wind based energy is collected.
Business that work with wind, wave, geothermal, and ocean energy equipment will get a thirty percent tax cut during the time that their industry is supported by the passing of this bill.
Residential owners or private homes will receive this same thirty percent incentive tax break under the bill.
If new materials are needed for their homes, under this bill, owners can claim ten percent of that cost on their taxes in addition.
Plug in car sales would receive a five thousand to seven thousand dollar tax credit.
The results of the Tuesday vote are not out yet.