WASHINGTON (December 20, 2017) – Tomorrow, the House is expected to complete passage of the final tax bill, sending the tax overhaul package to President Trump’s desk. While the final $1.5 trillion bill removes damaging language that would have repealed or weakened important clean energy incentives like the Production Tax Credit (PTC), Investment Tax Credit (ITC) and Electric Vehicle (EV) Tax Credit, negotiations failed to fully fix a provision that could seriously harm financing for large solar and wind projects.
The following are reactions from two clean energy business leaders and members of the national, nonpartisan business group E2 (Environmental Entrepreneurs):
“Although we are glad to see that wind and solar tax credits were preserved in the final bill text, the BEAT provisions – even with the agreed to exemption – will continue to drive uncertainty in our sector, and could cost many communities crucial investments and jobs. Because of how these provisions are written, companies could be unsure how to go forward in any given year.
“Congress has a chance in the coming months to correct these mistakes through either an extenders package or a technical fix bill, we need to hold them accountable and make sure these fixes happen as developers, investors, and manufacturers plan for the future.”
— Michael Rucker, CEO of Scout Clean Energy in Boulder, CO
“It is encouraging to see Congressional leaders listened to some of the concerns of the renewable industry, but without real long-term confidence in the credit market it will become increasingly difficult for solar and clean energy developers to get investor buy-in for new projects and more workers here in Iowa, and across the country.”
— Troy Van Beek, Founder and CEO of Ideal Energy Inc. in Fairfield, IA
Additional Resources:
- E2 Letter from 371 business leaders and investors to Congress urging support of federal clean energy tax provisions
- E2 Clean Energy Jobs Factsheet
- U.S. Labor Department’s Biennial Employment Projects 2016-2026
To speak with E2 members and business leaders in your community on this issue, please contact Michael Timberlake at (202) 289-2407 or [email protected].
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Environmental Entrepreneurs (E2) is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.