Congress’ Tax Cut Package Extends Key Renewable Energy Program
Cle Elum, WA – In the recently brokered tax package deal by President Obama and the U.S. Senate, a number of tax cuts and unemployment benefits will be extended for Americans. Included in this deal, the renewable energy Treasury Grant Program, which was set to expire on December 31, 2010, has been extended through 2011. Earlier this month, Washington Senators Patty Murray and Maria Cantwell, important supporters of the program, successfully included the Treasury Grant Program in the Tax Package.
“I am delighted that this program was extended by Congress,” said Howard Trott, Managing Director of Teanaway Solar Reserve. “This program has lead to many renewable projects across the country. While it’s not vital to the success of our solar project, it demonstrates Americans’ strong support of renewable energy projects in the United States and here in Washington. My thanks to Senators Murray and Cantwell for their tireless efforts to promote renewable energy projects.”
The Treasury Grant Program, originally enacted in 2009 as part of the American Recovery and Reinvestment Act, allows direct payments to renewable energy developers in lieu of tax incentives. This ensures direct investment into projects that are shovel-ready – creating jobs and increasing our renewable energy portfolio. According to a letter from Senators Murray and Cantwell, the program has invested $18.2 billion in renewable energy, resulting in an additional 8,600 megawatts of energy nation-wide, creating jobs, raising revenue, and developing 21st Century energy.
TSR will bring more than 200 construction jobs and 35 permanent jobs to an economically depressed community about 90 miles east of Seattle. The project will also produce a significant revenue stream, generating more than $97 million in purchases of goods and services during construction, and more than $1.5 million annually in property tax revenues to support local schools, roads and hospitals.
For additional information, please visit www.teanawaysolarreserve.com