Tax extensions approved for renewable energy


President Bush signed a bill today that extends tax credit for renewable energy sources, including qualifying hydropower, by two more years. Under the bill, conventional hydropower also qualifies as being eligible for tax credits, as long as electricity is generated by adding hydroelectric turbines at existing non-hydro dams.Additionally, the bill also provides tax credits for electricity generated from hydrokinetic technology, for which there has been increasing interest around the country.The renewable energy provisions were inserted in the bill entitled "Emergency Economic Stabilization Act of 2008," (H.R. 1424) which is primarily aimed to address the nation's current economic crisis.