Legislation Provides Important Tax Relief for Consumers of Renewable Energy
WASHINGTON, D.C. – October 26, 2015 – (RealEstateRama) — Congresswoman Elise Stefanik (R-NY-21) has cosponsored H.R. 2657, the POWER Act. Currently, the Internal Revenue Code provides tax credits to consumers who purchase renewable energy producing items. This legislation would expand that provision in the tax code to include combined heat and power systems and waste heat to power systems.
“Families across the North Country rely on combined heat power for their energy and heating needs,” said Congresswoman Stefanik. “This bipartisan, commonsense legislation would put those families on an even playing field with consumers who use other alternative energy sources. This is a win for renewable energy and a win for taxpayers.”
The POWER Act calls for a 20% increase in tax relief which can be applied to new purchases of renewable energy producing items from now until January 1, 2019.
For more information including bill text, click here.