NewsWhore
04-25-2007, 05:40 PM
The Senate has finally passed the bill that provides the legal framework of incentives for investments in renewable energy into law. The Senate approved the energy committee's recommendations as presented by Senator Juan Mercedes Sena. The law is aimed at promoting investment in the renewable energy sector, and allows citizens to take part in projects that reduce the impact of fossil fuel energy generation. Incentives include total tax exoneration for imports, ITBIS, and exchange commission on equipment, machinery and accessories needed to produce renewable energy, as well as a ten-year income tax exemption on income derived from the sale of energy, hot water, steam, bio-fuels, or synthetic fuels. This is valid for companies and individuals importing renewable energy equipment. The bill, that had already passed in the Chamber of Deputies after about seven years of debates, now moves on to the President for signing.
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