The 109th Congress approved the Tax Relief and Health Care Act of 2006 (H.R.6111), a bill that extends a package of tax cuts that promote the production of renewable energy, including wind, for another year. This clears the act for President Bush's signature.
If President Bush signs the bill, the renewable energy production tax credit (PTC) will be extended until Dec. 31, 2008. The act allows an extra $400 million of clean renewable energy bonds to be issued, which will finance the construction of facilities that produce renewable energy. In addition, it extends the tax credit for construction of energy-efficient homes and energy-efficient commercial buildings.
According to Senator Kent Conrad, D-N.D., who serves on the Senate finance committee that oversees the tax policy, the bill will help the country reduce its dependence on foreign sources of energy.