Law360 Quotes Greg Jenner on Extension of Federal Renewable Production Tax Credit

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Stoel Rives attorney Greg Jenner was quoted in Law360 in an article titled “US Energy Legislation To Watch This Fall.” The article provides a summary of several pieces of energy-related legislation and their prospects in Congress as it goes back into session in early September 2015.

The significant bills that the Congress will address in this session include: a two-year tax extenders bill—a  collection of more than 50 targeted tax benefits, including the Production Tax Credit (PTC), for businesses and individuals; a bill that would allow the U.S. to export crude oil to any country not subject to U.S. sanctions; and bi-partisan energy bills that address many areas of concern and would represent a significant update to federal energy policy, last revised with the enactment of the Energy Policy Act of 2007.

The PTC has been used to advantage by the U.S. wind industry, but the most recent renewal of the credit, a one-year retroactive extension that expired in 2014, was of less benefit to developers due to the time needed to secure land, permits and environmental reviews and for actual construction. The proposed two-year extension provides developers with greater flexibility.

“[A two-year extension] would change the calculus dramatically — there is a significant amount of lead time required, not only to develop these facilities, but to then begin construction on them,” said Jenner. “Congress would be really doing developers a huge service by providing a year and a half to begin construction.”

Read “US Energy Legislation To Watch This Fall,” published on September 3, 2015. (Subscription required.)

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