U.S. political news in the last days of 2012 concerned negotiations to avert falling off the "Fiscal Cliff". However, an agreement was reached on the first day of 2013 that also included a deal to extend subsidies for the geothermal industry. The bi-partisan deal on tax legislation included important changes in the underlying terms of the federal tax incentives for new geothermal and other renewable power projects. Now, projects under construction are qualified for the Production Tax Credit (PTC) which has also been extended for one more year. Also extended are the Investment Tax Credits (ITC) used for community projects.
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