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Energy Industry Receives Significant Boost: An Overview of Energy Industry Incentives in the Corporate Tax Bill

November 10, 2004

Energy Practice Group

The comprehensive corporate tax legislation that Congress enacted recently (H.R. 4520) contains over a dozen incentives for the energy industry. Although most incentives are unrelated to electricity, several significant electricity related provisions were included from incentives for utilities to join Regional Transmission Organizations, a temporary waiver of the 85/15 rule for cooperatives earning non-member income from open-access related activities, to an expansion of production tax credits for renewables and other “new qualifying resources.” The final version of the bill approved by both the House and Senate was signed by President Bush on October 23, 2004.

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