Legislation Extends Residential and Commercial Solar Tax Credits for 8-Years, Eliminates Monetary Cap and Exemptions for Utilities and AMT Filers
Solar Energy Industries Association president Rhone Resch released the following statement applauding the Senate’s passage of H.R. 1424, the Emergency Economic Stabilization Act of 2008, which includes extension of federal solar tax credits. The legislation passed by a vote of 74-25 and will now go to the House of Representatives for consideration.
“I applaud the Senate, especially Majority Leader Reid and Minority Leader McConnell, for their steadfast leadership in addressing America’s economic crisis and for recognizing that solar will play an integral role in getting America back on track. I also want to thank Senators Baucus and Grassley for their leadership in forging a bipartisan agreement on the tax extenders provisions acceptable to both Senate Democrats and Republicans.
“The House now has an opportunity, and the responsibility, to follow the Senate’s lead in recognizing solar’s important role in securing our nation’s economic future. By including the tax extender provisions, the Senate has presented the House with a bill that not only rescues Wall Street, but also will benefit families, businesses, and communities across the country.
“I urge the House to swiftly pass the Senate legislation and to include these vital tax credits that will create 440,000 permanent jobs and inject $325 billion in private investment in the U.S. solar energy market."
9.15.08 Economic Impact (8 years) of Extending Federal Solar Tax Credits (Navigant Consulting study): http://seia.org/galleries/pdf/Navigant%20Consulting%20Report%209.15.08.pdf
H.R. 1424 Bill Summary:
H.R. 1424 Full Bill Text:
House Solar Energy Voting Record:
Senate Solar Energy Voting Record: