Senate Blocks Baucus Bill That Would Extend Tax Cuts For Renewable Energy Development

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Senate Finance Committee Chairman Max Baucus, D-Mont., expressed disappointment in the Senate's failure to pass legislation that would help create jobs by extending tax cuts for employers, such as the research and development tax credit. Baucus introduced the bill, the Middle Class Tax Cut Act of 2010, last week.Â

In addition to providing tax cuts for families, the bill would also reduce taxes for business investment and sustainable energy advancements that would free up cash for employers to expand and hire new workers.

The bill provides an additional $2.5 billion in funding for the Section 48C advanced manufacturing tax credit. Section 48C was established in the American Recovery and Reinvestment Act (ARRA) to provide a 30% investment tax credit for facilities engaged in the manufacture of advanced energy property.Â

In addition, the bill codifies the direct payment in lieu of tax credit program that was initially created by Section 1603 of the ARRA, and extends the program through Dec. 31, 2011. Â

SOURCE: Senate Finance Committee

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