Senate Leader Harry Reid and Senators Allard and Salazar Introduce Renewable

Senators Harry Reid (D-NV), Wayne Allard (R-CO) and Ken Salazar (D-CO) introduced S. 1531, the Securing Americaís Energy Independence Act of 2007 on Friday, May 25th. The bill would, in part:


Senators Harry Reid (D-NV), Wayne Allard (R-CO) and Ken Salazar (D-CO) introduced S. 1531, the Securing Americaís Energy Independence Act of 2007 on Friday, May 25th. The bill would, in part:
• Provide a 10 percent tax credit (section 38) for geothermal exploration expenditures related to the drilling of exploratory wells for geothermal deposits;
• Extend the renewable electricity production tax credit for ten years (until 2019), and allow projects under construction at that time to qualify;
• Provide an annual volume cap for Clean Renewable Energy Bonds (CREBs) issuing authority of $1 billion for ten years (until 2019);
• Provide $300 million in zero-interest bond issuing authority for school systems in certain states (NV, AZ, UT, ID, CO, MT) to purchase and install renewable energy products and systems; and
• Permit states to use existing Industrial Development Revenue Bonds for renewable energy resource facilities.