U.S. House approves hydroelectric power tax provision

Capitol Building

The U.S. House of Representatives has passed legislation that amends an existing Internal Revenue Code to extend certain expiring tax provisions for some forms of energy production through 2014, including conventional hydroelectric power and marine and hydrokinetic.

The legislation -- House Resolution 5571 -- was supported with a bipartisan 378-46 vote in favor by the House and is expected to pass the Senate next week.

The National Hydropower Association was able to secure language during the provision's most recent extension, modifying production tax credit (PTC) and investment tax credit (ITC) qualifications from a "placed-in-service" deadline to a "start construction" deadline.

The change not only allowed more hydropower projects to qualify in 2014, but also allows qualifying projects to receive PTC/ITC benefits in 2015.

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