Daily Tax Update - June 23, 2017: Senators Introduce Energy Tax Credit Extenders Bill

Senators Introduce Energy Tax Credit Extenders Bill:  Yesterday, Senators Tom Carper (D-DE) and Dean Heller (R-NV) introduced the Technologies for Energy Jobs and Security Act, which would extend through 2021 the renewable energy tax credits that were not extended at the end of 2015. The bill would include credits for advanced energy technologies such as fuel cells, geothermal power, combined heat and power facilities, and small wind turbines. The bill would also correct for provisions that prevent taxpayers from claiming the investment credit for facilities that turn otherwise wasted heat into power generation.

Senators Introduce Bill to Expand Domestic Production Deduction:  Yesterday, Senators Chris Coons (D-DE) and Shelley Moore Capito (R-WV) introduced the Made in America Deduction Enhancement (MADE) Act, which would expand the domestic production activities deduction under section 199. The MADE Act would double the existing deduction from 9% to 18% for activities that use more than 75% US-produced component parts in their production process.

OECD Appoints New Head of Transfer Pricing Unit:  Yesterday, the OECD appointed Tomas Balco as the head of the Transfer Pricing Unit in the Centre for Tax Policy and Administration. Mr. Balco will assume the position on September 4.