U.S. tax bill to preserve key renewable energy credits, sources sayWASHINGTON (Reuters) - The final version of comprehensive tax legislation being negotiated by House and Senate lawmakers will preserve key renewable energy tax credits that were once at risk of being removed, congressional and business sources said on Thursday. Congressional Republicans reached a deal on tax legislation on Wednesday, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans. Congressional and business sources briefed on the status of these talks have confirmed that the production tax credit for wind energy and the $7,500 electric vehicle tax credit, which the House version of the bill had targeted, will remain in the final bill. Lawmakers have been working to produce a tax package after the Republican-controlled House and Senate passed different versions of legislation.  The president of the American Council on Renewable Energy, Gregory Wetstone, sent a note to members on Wednesday saying that he knew “with certainty” that the legislation also did not include the alternative minimum tax (AMT) for corporations that would have reduced the value of the production tax credit (PTC) for wind projects. Meanwhile, the renewable energy industry is awaiting final details on how congressional negotiators will address problems created by a provision included in the Senate-passed bill called the Base Erosion Anti-Abuse Tax (BEAT). This measure was intended to prevent multinational companies from abusing the tax code but would make tax credits like the PTC for wind less valuable. This provision would have chilled investment by international companies like Vestas, and banks in the renewable energy sector, industry experts said. Wetstone said negotiators are working on a fix that would allow the PTC to offset at least 80 percent of the BEAT tax imposed on multinational companies. Another source briefed on the negotiations said that as much as 90 percent of credits could be used to offset the BEAT tax. “We are still unclear about the precise terms of deal, but it’s good news for the whole sector,” said Liam Donovan, a lobbyist with Bracewell focused on tax, infrastructure and energy. politicsNews
tax bill preserve key renewable energy credits sources saywashington reuters the final version comprehensive tax legislation negotiated house senate lawmakers preserve key renewable energy tax credits risk removed congressional business sources said thursday congressional republicans reached deal tax legislation wednesday clearing way final votes next week package would slash corporate tax rate percent cut taxes wealthy americans congressional business sources briefed status talks confirmed production tax credit wind energy electric vehicle tax credit house version bill targeted remain final bill lawmakers working produce tax package house senate passed different versions legislation the president american council renewable energy gregory keystone sent note members wednesday saying knew certainty legislation also include alternative minimum tax amt corporations would reduced value production tax credit ptc wind projects meanwhile renewable energy industry awaiting final details congressional negotiators address problems created provision included bill called base erosion tax beat this measure intended prevent multinational companies abusing tax code would make tax credits like ptc wind less valuable this provision would chilled investment international companies like vests banks renewable energy sector industry experts said keystone said negotiators working fix would allow ptc offset least percent beat tax imposed multinational companies another source briefed negotiations said much percent credits could used offset beat tax we still unclear precise terms deal good news whole sector said liam donovan lobbyist bracewell focused tax infrastructure energy politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: U.S. tax bill to preserve key renewable energy credits, sources sayWASHINGTON (Reuters) - The final version of comprehensive tax legislation being negotiated by House and Senate lawmakers will preserve key renewable energy tax credits that were once at risk of being removed, congressional and business sources said on Thursday. Congressional Republicans reached a deal on tax legislation on Wednesday, clearing the way for final votes next week on a package that would slash the U.S. corporate tax rate to 21 percent and cut taxes for wealthy Americans. Congressional and business sources briefed on the status of these talks have confirmed that the production tax credit for wind energy and the $7,500 electric vehicle tax credit, which the House version of the bill had targeted, will remain in the final bill. Lawmakers have been working to produce a tax package after the Republican-controlled House and Senate passed different versions of legislation.  The president of the American Council on Renewable Energy, Gregory Wetstone, sent a note to members on Wednesday saying that he knew “with certainty” that the legislation also did not include the alternative minimum tax (AMT) for corporations that would have reduced the value of the production tax credit (PTC) for wind projects. Meanwhile, the renewable energy industry is awaiting final details on how congressional negotiators will address problems created by a provision included in the Senate-passed bill called the Base Erosion Anti-Abuse Tax (BEAT). This measure was intended to prevent multinational companies from abusing the tax code but would make tax credits like the PTC for wind less valuable. This provision would have chilled investment by international companies like Vestas, and banks in the renewable energy sector, industry experts said. Wetstone said negotiators are working on a fix that would allow the PTC to offset at least 80 percent of the BEAT tax imposed on multinational companies. Another source briefed on the negotiations said that as much as 90 percent of credits could be used to offset the BEAT tax. “We are still unclear about the precise terms of deal, but it’s good news for the whole sector,” said Liam Donovan, a lobbyist with Bracewell focused on tax, infrastructure and energy. politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: tax bill preserve key renewable energy credits sources saywashington reuters the final version comprehensive tax legislation negotiated house senate lawmakers preserve key renewable energy tax credits risk removed congressional business sources said thursday congressional republicans reached deal tax legislation wednesday clearing way final votes next week package would slash corporate tax rate percent cut taxes wealthy americans congressional business sources briefed status talks confirmed production tax credit wind energy electric vehicle tax credit house version bill targeted remain final bill lawmakers working produce tax package house senate passed different versions legislation the president american council renewable energy gregory keystone sent note members wednesday saying knew certainty legislation also include alternative minimum tax amt corporations would reduced value production tax credit ptc wind projects meanwhile renewable energy industry awaiting final details congressional negotiators address problems created provision included bill called base erosion tax beat this measure intended prevent multinational companies abusing tax code would make tax credits like ptc wind less valuable this provision would chilled investment international companies like vests banks renewable energy sector industry experts said keystone said negotiators working fix would allow ptc offset least percent beat tax imposed multinational companies another source briefed negotiations said much percent credits could used offset beat tax we still unclear precise terms deal good news whole sector said liam donovan lobbyist bracewell focused tax infrastructure energy politicsnews