United States: Renewable Energy Tax Provisions In The Fiscal Cliff Legislation – The "American Taxpayer Relief Act Of 2012"

The House of Representatives last night approved H.R. 8, the "American Taxpayer Relief Act of 2012" (the "Bill"), by a vote of 257-167. The Bill was approved earlier in the day by the Senate by a vote of 89-8. Still pending signature by the President, the Bill addresses various expiring tax cuts and pending budgetary requirements, together commonly referred to as the "fiscal cliff." This Client Alert addresses several of the provisions of the Bill that are relevant to ongoing and future projects in the renewable energy space.

Yanukovych signs law on change in rules on renewable energy market in Ukraine

Ukrainian President Viktor Yanukovych has signed law No. 5485-VI, which considerably changes the conditions of operation on the renewable energy market in Ukraine.

Corresponding bill No. 10183 on changes in the law of Ukraine on electricity (in part of incentives for electricity generation from alternative energy sources) was passed by parliament at second reading on November 20, 2012.

How Obama and Congress Could Find Common Ground on Energy

Despite divided government, the partisan impasse may be about to end on energy policy. The key lies in a grand bargain.

In 2008, Barack Obama campaigned for the White House on the promise that he would pass a sweeping energy and climate-change law and move the country from dependence on fossil fuels to clean, renewable energy that reduced carbon pollution and addressed global warming. In his first term, Obama inched in that direction: The president rolled out regulations to reduce pollution from tailpipes and coal plants, and his stimulus program pumped $40 billion into clean-energy development.

US policy outlook for renewable energy

The United States went to the polls on November 6. President Obama was returned to another four years in the White House. Democrats picked up another two seats in the US Senate where they are expected to have an effective majority of 55 seats to 45 for the Republicans. The Republicans lost seats in the House, but still retain a majority of 16 out of 435 House seats in total.

A panel of veteran Washington lobbyists for renewable energy companies talked 34 hours after the polls closed about what the election results mean for the US renewable energy market.