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Senate tax plan calls for reducition in ITC

The US Senate's new tax plan shows a reduction in the Investment Tax Credit. After reviewing a draft tax plan released today by Senate Finance Committee Chairman Max Baucus, Rhone Resch, president and CEO of the Solar Energy Industries Association (SEIA), released the following statement:

“While we appreciate efforts by Chairman Baucus to make the convoluted US tax code simpler and fairer for everyone, we’re very concerned that reducing the solar Investment Tax Credit (ITC) and dramatically altering the way companies depreciate their assets could jeopardize future clean energy development in the United States.  At a time when we’re searching for creative ways to reduce carbon emissions, fight climate change and improve US competitiveness, the continued development of a strong, viable solar industry in the US is critically important. Today, solar is one of the fastest-growing industries in America, employing 120,000 workers and generating more than 10.3 gigawatts (GW) of clean electricity – enough to effectively power 1.7 million homes.  And smart, effective policies, like the solar ITC, are helping to power record growth in the solar sector.  We look forward to working with both the Senate and House to find common-sense ways to reform the tax code, while continuing to incentivize the kind of growth needed in America to ensure prosperity for future generations.”

Labels: investment tax credit,government support,US solar,SEIA

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