Treasury to Modify Guidance for Energy Production, Investment Tax Credits in Light of Health Crisis Slowdowns

The following press release was published by the United States Committee on Finance Ranking Member’s News on May 7, 2020. It is reproduced in full below.

Washington - In a letter sent to senators today, Treasury Secretary Steven Mnuchin stated the department would modify the regulatory guidance for both the production tax credit (PTC) and the energy investment tax credit (ITC). This decision follows a joint request from bipartisan senators led by Senate Finance Committee Chairman Chuck Grassley (R-Iowa).

“Projects that have been waylaid by the economic disruptions of this pandemic can now proceed with more certainty. That means more certainty for American businesses and families at a time when stability is in short supply," Grassley said.

Alongside Grassley, the original request to the Treasury Department for this change was made by Senate Finance Committee Ranking Member Ron Wyden (D-Ore.), Sens. John Thune (R-S.D.), Maria Cantwell (D-Wash.), and Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-Alaska) and Ranking Member Joe Manchin (D-W.Va.)

-30-

Source: Ranking Member’s News