The US stimulus bill, which includes a one-year extension of the production tax credit for specific renewable energy initiatives, has been signed into law by President Trump.
Under the new legislation, the tax credit for onshore wind power production will remain at 60% before declining again in early 2021, instead of the previous deadline at the end of this year.
The country’s nascent offshore wind industry will benefit from a 30% investment tax credit for projects beginning construction through December 31, 2025.
Solar power will benefit from a two-year extension of the investment tax credit to 26%.
The tax credit extensions are part of a $ 1.4 trillion federal tax and spending extension package, along with a $ 900 billion coronavirus rescue deal.
The United States Congress agreed to the Covid-19 omnibus legislation on December 21.