Shorepower – Plug In and Save

Congress renews tax breaks for wind, biofuel

ch2m_fuelfixGood news for electric infrastructure: tax credit has been extended – up to $30K per project retroactive for 2014. Call us with any questions.

“Tax credits that support wind farms, biodiesel and other renewable fuels are getting an extension, courtesy of Congress. But the renewal comes with a catch: It’s only good for two more weeks.

“The Senate voted 76-16 to extend the biodiesel and renewable energy production tax credits — as well as dozens of other tax breaks — in one of its final acts before adjourning Tuesday evening.

“The measure extends the tax breaks for a year — but retroactive to their earlier expiration in January, so the clock runs out again on Dec. 31, 2014.

“The move means taxpayers can claim the cuts and credits on their 2014 tax returns, but there is no guarantee they will be back in 2015.”

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