Extension of the solar investment tax credit (ITC) at 30% through 2025 with a phase down to 26% in 2026, 22% in 2027, and then a permanent 10% for commercial-scale projects. The ITC is now 26% of a project’s value for those that begin construction through 2022. The credit will then step down to 22% if they begin construction in 2023 and enter commercial operation by the end of 2025. After that, a 10% ITC will apply only to commercial arrays.
Extension of the wind production tax credit (PTC) at 60% value through the end of 2026 ($15/MWh for electricity sent to the grid in a project’s first decade of operation) and enter full-service operation within four years. Projects now have until the end of 2021 to start construction.
Extension of the offshore wind ITC at 30% through 2026 with a phase-down to 26% in 2027 and 22% in 2028. The 30% credit is presently in effect through 2025 with projects eligible if they enter operation within 10 years.
Expansion of the ITC at 30% to include energy storage technology through 2026 then a phase down to 26% in 2027 and 22% in 2028.
Introduction of a so-called direct-pay option that would enable a qualified wind, solar or energy storage project to receive a cash payment equal to 85% of the ITC or PTC value in lieu of receiving either as a credit against income taxes. The Internal Revenue Service would manage this option using the annual tax return filing process.
Expansion of the plug-in electric vehicle tax credit for cars and creates new ones to encourage adoption and manufacture of zero-emissions buses, vans, and other vehicles. Also, renews the credit for fuel cell vehicles through 2026.
Provision of a one-year federal tax credit renewal for carbon capture and sequestration (CCS) projects that begin construction through 2026 with the 8%% direct pay option.
Expansion of the qualifying income definition for MLPs to include green and renewable energy and possibly CCS projects.

Democrats revive sweeping green bill as route to law opens in new-look Congress