The Baucus Amendment 4727, named after Senator Max Baucus, extends the cash grants for renewable energy projects. These cash grants had already been in place under Section 1603, and they were effective in encouraging growth in renewable energy projects. The amendment gives tax credits to companies that create renewable energy, and also codifies the alternative option of receiving payment instead of tax credits.
According to the document itself, “The following package makes permanent several provisions from EGTRRA[Economic Growth and Tax Relief Reconciliation Act of 2001] and JGTRRA[Jobs and Growth Tax Relief Reconciliation Act of 2003] that will provide important tax relief to middle class American families and small businesses.”
The Baucus Amendment 4727 also extends tax credits for natural gas/heavy hybrid vehicles, biodiesel and renewable diesel, alternative fuels, and energy efficient homes and appliances. All tax credits are extended through 2011.
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