ELFA supports extension of renewable energy tax credits.
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Press Release Summary:
Senate passage of legislation H.R 6049 extending renewable solar, wind, and geothermal energy tax credits will enhance ability of equipment finance industry to spur development and investment in this high growth arena. ELFA President Kenneth E. Bentsen, Jr. said "By providing longer term extension, lessors, lenders, and investors will be more confident in committing capital without fear of expiration of tax credit structure and with more capital will come more renewable energy production."
Original Press Release:
Equipment Finance Industry Lauds Congressional Action on Extension of Renewable Energy Tax Credits
ELFA's Bentsen Says Longer Term Extension Will Enhance Capital Commitment
The Senate passage of legislation (H.R 6049) earlier today extending the renewable solar, wind and geothermal energy tax credits will enhance the ability of the equipment finance industry to spur development and investment in this high growth arena.
This legislation, the Energy Improvement and Extension Act of 2008, extends the 30% investment tax credit (ITC) for commercial solar for eight years until December 31, 2016 and extends the placed in service date for the production tax credits (PTCs) for solar and geothermal through December 31, 2010 and wind through December 31, 2009. These credits are scheduled to expire on December 31, 2008.
ELFA has advocated for a multi year extension of the renewable energy production tax credits and the renewable energy investment tax credits as a crucial federal commitment to these clean energy technologies. These federal tax incentives go directly to developers and owners of renewable energy projects including financing parties in certain cases. The equipment attributes of solar projects are particularly suitable for leasing so the multi year extension should be a major boon to the equipment finance industry.
"The passage of these credits by the Senate, following the leadership shown by the House on this matter last week, signifies the Congressional commitment to the continued development of the renewable energy market," said ELFA President Kenneth E. Bentsen, Jr. "By providing a longer term extension, lessors, lenders and investors will be more confident in committing capital without the fear of expiration of the tax credit structure and with more capital will come more renewable energy production."
Worldwide investment in renewable energy has climbed from $80 billion in 2005 to a record $100 billion in 2006 as investors poured $70 billion into companies and new investments in 2006 alone.
ELFA President Kenneth E. Bentsen, Jr. is available for comment. Please email Diane Helyne Zyats at ELFA @ dzyats@elfaonline.org or call 202-238-3438.
About ELFA President Kenneth E. Bentsen, Jr.
ELFA President Kenneth E. Bentsen, Jr. represented the 25th District in Texas in the U.S. House of Representatives from 1995-2003. As a senior member of both the House Budget and Financial Services Committees, Bentsen helped craft the legislation to modernize the nation's banking and securities laws and the Sarbanes-Oxley Act, which enhanced federal oversight of U.S. capital markets.
About ELFA
The Equipment Leasing and Finance Association is the trade association that represents companies in the $650 billion equipment finance sector, which includes financial services companies and manufacturers engaged in financing capital goods. ELFA members are the driving force behind the growth in the commercial equipment finance market and contribute to capital formation in the U.S. and abroad.
Based in Washington, D.C., ELFA has over 700 members including independent and captive lease and finance companies, banks, financial services corporations, broker/packagers and investment banks, as well as manufacturers and service providers. For more information, please visit
