New Federal Energy Tax Legislation

Significant Expansion of Federal Tax Credits for Renewable Energy
Rath | Young Update, July 29, 2005
Washington, DC

On July 29, 2005, the United States Senate approved the Conference Report on the Energy Policy Act of 2005 (H. Conf. Rep. 109-190, accompanying H.R. 6), which was later signed by the President. Our Energy and Tax Attorneys distributed an analysis of Title XIII of the bill, the Energy Tax Incentives Act of 2005. This part of the bill makes significant changes to the section 45 tax credit for the production of energy from renewable resources and to the section 29 tax credit for the production of nonconventional fuels. These changes come on the heels of major changes made to section 45 last fall under the American Jobs Creation Act of 2004 (P.L. 108-357), which greatly expanded the scope of the section 45 tax credit. The 2005 Act both expands and limits some of the changes made last year.

Our attached Update focuses on the changes made to sections 29 and 45 by this important legislation.

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RYP Energy Tax Incentives (07-29-05).pdf