House-passed bill would extend federal solar tax credits for 8 years,
eliminate $2,000 cap on residential projects, and remove exemptions for utilities and AMT filers
Solar Energy Industries Association (SEIA) president Rhone Resch released the following statement today after the U.S. House of Representatives passed H.R. 7060, the Renewable Energy and Job Creation Act of 2008, that extends the 30 percent solar investment tax credit for 8 years by a vote of 257 to 166.
“I applaud House Speaker Pelosi and Ways and Means Chairman Rangel for their leadership and perseverance in pursuing policy that moves this country closer to a clean energy future.
“But, time is running out for the House and Senate to reach a final agreement. Solar projects are already being delayed and tens of thousands of industry jobs are at risk. According to Navigant Consulting, extending the solar tax credits for 8-years will support 440,000 permanent jobs, most notably in construction and manufacturing, areas of the economy that have been hardest hit.
“Americans are deeply worried about the instability in our financial markets and the uncertainty of the job market. With an extension of the solar tax credits, the solar industry will help to provide economic stability and put Americans back to work.”
“We are calling on Congress to take immediate action to extend the tax credits that are supported by 94 percent of the public and the Administration. We need to avoid further downturn in the renewable energy industries, Congress needs to act now.”
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Solar Energy Industries Association is the national trade association of 700 solar energy manufacturers, project developers, distributors, contractors, installers, architects, consultants and financiers. Established in 1974, SEIA works to expand the use of solar technologies in the global marketplace, strengthen research and development, remove market barriers, and improve education and outreach for solar. Learn more at www.seia.org .
Today’s House bill extends the 30 percent solar investment tax credit for 8 years for both commercial and residential installations. The bill also makes several substantive changes to the credits, including complete elimination of the $2,000 cap for residential solar electric systems and allowing utilities to make use of the commercial tax credit. Also, the bill allows those taxpayers that trigger AMT (alternative minimum tax) to take the solar tax credit. The 30 percent solar investment tax credits first became effective in January, 2006, a result of the 2005 Energy Bill.
9.26.09 House passed HR 7060:
9.23.08 Presidential SAP Supporting Senate version of H.R. 6049
9.17.08 Baucus-Grassley Proposed Energy Improvement and Extension Act of 2008, H.R. 6049:
9.15.08 Economic Impact of Extending Federal Solar Tax Credits (Navigant Consulting study):
House Solar Energy Voting Record:
Senate Solar Energy Voting Record:
8.18.08 Utility-Scale Solar Power Projects on Hold: