The Senate passed a bill that extends expiring tax credits for renewable energy production. The legislation, which passed by a vote of 93-2, includes energy tax incentives totaling approximately $18 billion, fully paid for by several offset provisions, including a delay of the tax deduction for domestic manufacturing activities of major American oil and gas companies.
Under the proposal, the production tax credit (PTC) for wind production would be extended by one year.
The legislation now moves to the House for a vote.
SOURCE: U.S. Senate Finance Committee
