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Bill in America’s Congress to cut wind and solar tax credits, extend nuclear provision

House Tax Bill Trims Wind Tax Credit, Extends Nuclear Provision, Bloomberg, By Ari Natter, 

  • GOP measure preserves threatened wind and solar tax credits
  • Legislation could change is it winds through Congress

  • Tax credits cherished by the wind and solar industry remain under a rewrite of the tax code revealed by House Republicans, but the measure would trim the wind energy’s production tax credit by more than a third.

     The bill, unveiled by House GOP leaders Thursday, also extends an estimated $6 billion tax credit for the nuclear industry, which would benefit Southern Co. Without the extension, the credit may have gone unused before the 2021 deadline. Southern’s Vogtle project in Georgia faces construction delays and is not on track to be completed before the deadline.
    The bill also adds tax credits for other energy sources, such as geothermal, small-scale wind and fuel cells that were left out of a 2015 budget and spending deal.
     The House tax overhaul cuts the wind industry’s 2.3-cent-per-kilowatt hour tax credit to 1.5 cents. The solar industry’s 30 percent tax credit remains unchanged. Under that 2015 deal the wind credit begins phasing down this year before expiring in 2020 and the solar industry’s credit winds down before expiring in 2022. Those phaseouts continue as planned, but projects would now need to be completed by those dates to qualify…….
  • To qualify for the investment tax credits, developers of wind, solar, geothermal and fuel cell energy properties will need to show continuous activity from the time construction begins until it’s complete. That could introduce uncertainty for some projects.

November 3, 2017 - Posted by | politics, USA

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