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U.S. ‘Fiscal Cliff’ Deal Gives Canadian Renewable Energy a Tax Credit Reprise

Jan 7, 2013
(The Globe and Mail)

Some Canadian renewable energy companies with activities in the United States will be among those benefiting from U.S. “fiscal cliff” legislation that extended crucial tax credits for wind energy and biodiesel production.

As well as staving off immediate tax hikes on Americans, the law passed last week by U.S. legislators included a provision to extend for one more year a series of renewable energy tax breaks that were to expire at the end of 2012.

The most important of these is a subsidy of 2.2-cent-per-kilowatt hour for wind projects, a crucial support that the wind power business had been lobbying fiercely to maintain. But the law also extended support for biodiesel, some forms of ethanol, and some electric vehicles.