New ITC Tax Break for Solar Proposed

HaHaSmart Solar NewsNovember 26, 20191401


New ITC Tax Break for Solar Proposed

More on the investment tax credit. November 19th, 2019, The House Ways and Means Committee released a comprehensive clean energy tax package that includes a five-year extension of the 30% solar energy investment tax credit and new solar incentives for energy storage.

The new Tax package is called the Growing Renewable Energy and Efficiency Now Act of 2019. The 76-page document lays out specific revisions to tax codes that would extend the ITC and create or maintain solar incentives for sources of renewable energy, energy efficiency measures, electric vehicles and investments in a green workforce. The bill was introduced to Congress by Representative Mike Thompson.

Abigail Ross Hopper, CEO of the Solar Energy Industries Association stated; “The solar investment tax credit enjoys bipartisan support in the House and is responsible for making solar energy an American economic success story. An ITC extension will create thousands of jobs, add billions of dollars in private investment to the economy and reduce emissions. These benefits will be further accentuated with the inclusion of storage in a clean energy tax package.”

John Bowman, the managing director for government affairs at the Natural Resources Defense Council said; “We encourage House leadership to quickly bring a package of clean energy extenders to the floor for a vote. This is the one chance we have this year to move true climate legislation.”

Earlier this month, more than 550 business leaders, investors, and others from industries and states across the country sent a letter to congressional leadership amplifying the importance of clean energy tax extenders to our economy and our environment.

Do you think Congress will approve this new tax package? Comment below and let us know!

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