Less than seven months from now the current Federal tax incentives to encourage the use of renewable energy are set to expire.

Your help is urgently needed in this final push to obtain an extension of the renewable energy investment tax credits before they expire.

Within the next day or two the U.S. Senate is set to discuss HR 6049, the Energy Tax

Extenders bill. This House bill provides for the most important attributes for renewable energy tax credits to be extended. It extends credits for solar installations, wind farms, energy efficiency buildings, and other technologies.

Three solar items of note are that the:

 

  • Commercial Solar Investment Tax Credit (Section 48) would be extended to 8 years (more than the 6 years previously suggested)

 

·         Groups are working now to eliminate the $2000 cap on residential tax credits

 

  • A final ruling must be made on the relationship of the 30% Federal Energy Tax credit and how it affects the Alternative Minimum Tax. Does the tax override any liability as a result of the Alternative Minimum Tax or is the credit lost once it goes down to the personal tax level.

WHAT YOU CAN DO TO HELP:

 We ask that you take a moment to contact your Senators today to urge

them to bring H.R. 6049 to the floor of the Senate for a vote — and to

        support this legislation.

Our friends at SEIA inform us that this is likely to be the last opportunity for an extension this year so the time to act is now. Please call your Senators today. Click here to find their phone numbers.

 

Key messages:

Not extending solar credits is an enormous tax increase that will cost  American jobs.

ASES reports that we can create up to 40 million green-collar jobs by 2030, but Congress must lead for this to happen.

The 8-year extension of the Investment Tax Credit is critical for utilities to get the financing necessary to keep pace with rising demand for energy.

The cap on the residential investment tax credit needs to be removed to provide the incentives needed to properly stimulate the market.

Thanks for your action and your ongoing support — and for letting your Senators know that solar energy, energy efficiency, and other sustainable technologies are

important to you.

 

For more information about solar opportunities in NJ and PA email george@hbsadvantage.com