The Renewable Energy Expansion Act would allow businesses and others who are awarded energy tax credits under the American Recovery and Reinvestment Act to choose between receiving the credit or receiving a cash grant, depending on what their needs are.
The ARRA included $13 billion to extend tax credits for renewable energy production until 2014. Since many renewable energy investors were unable to take advantage of tax credits at the time, the federal government shifted its contribution to those projects into cash grants. That program, which expires in December, would be extended through January 1, 2013 if the act, also known as HR 4599, is approved.
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Tags: american recovery and reinvestment act, energy tax credits, HR 4599, Renewable Energy Expansion Act