Congressional Deal Extends Renewable Energy Incentives, Avoids Fiscal Cliff


The U.S. Congress has voted to approve tax legislation that would, among other measures, extend certain incentives affecting the solar sector and other industries. The deal also allows the U.S. to avert the so-called fiscal cliff, which would have put in place sequestration measures. The legislation extends 50% bonus depreciation through the end of 2013 and postpones for two months the sequestration that would have gone into effect if a deal had not been reached in time.Â

‘This will give Congress time to work on a balanced plan to end the sequester permanently through a combination of additional revenue and spending cuts in a balanced manner,’ the White House said in a statement.

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