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Congress Extends Refined Coal Tax Credit
DENVER-(Business Wire)-October 3, 2008 - The energy tax credits contained in the financial rescue package passed by Congress today include a one-year extension of the refined coal tax credit – an important incentive as well as endorsement of Evergreen Energy Inc.’s technology as a realistic, real-time component of U.S. energy policy.
That reaction was expressed today by Evergreen Energy’s President and CEO Kevin R. Collins, who said the tax credit will provide added incentives for potential K-Fuel® coal refinery customers to consider Evergreen’s patented pre-combustion technology that makes coal cleaner and more efficient.
“The extension of the refined coal tax credit is a key example of how government action can spur the commercial deployment of cleaner coal technologies which, along with alternative energy and conservation, will play a key role in meeting demand and attaining better energy security in the United States,†said Collins.
He added that the Congressional extension will provide further impetus to Evergreen’s aggressive business development activities in the Midwestern United States, where the company foresees construction of a K-Fuel® plant near customers and at the intersection of multiple forms of rail, water and surface transportation.
Numerous key members of Congress have vowed to pursue a longer term extension for refined coal together with wind and other renewable energy tax credits when the new Congress arrives in Washington next year.
Similar to the tax credit incentives for wind and other renewables, a production credit is provided to qualified refined coal facilities under Section 45 of the tax code that are placed in service no later than December 31, 2009. In addition to extending the deadline to December of next year so that the credit does not lapse at the end of 2008, the legislation passed today sets the credit at $5.877 per ton of qualified fuel. To qualify, the refined coal must achieve a 20 percent emissions reduction of nitrogen oxide and a 40 percent emissions reduction in either sulfur dioxide or mercury. The credit applies to actual production and is good for 10 years after the project is placed in service.
About Evergreen Energy Inc.
Evergreen Energy Inc. (NYSE Arca: EEE) refines coal into a cleaner, more efficient and affordable solid fuel that is available today to meet the growing energy demands of industrial and utility customers while addressing important environmental concerns. Visit www.evgenergy.com for more information.
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