By Tim Puko | WSJ Link to article
Advocates for renewable energy are warning the Senate tax bill could have a devastating impact on its businesses.
The Senate’s latest tax-overhaul bill includes rules that aim to make it harder for U.S. businesses to keep money overseas and shielded from U.S. taxes. The problem for the wind- and solar-power industries is that big financiers with international footprints have become essential to their development, and the new tax policy may dissuade them from keeping that investment going.
The American Council on Renewable Energy, along with other interest groups, sent a letter to senators Wednesday as part of a larger lobbying effort. They are asking senators to exempt production and investment tax credits for the renewable-power industry for an exemption from the Senate’s proposal, which could effectively void a lot of those credits.
“The tax equity marketplace would collapse under these provisions, leading to a dramatic reduction in wind and solar energy investment and development,” the council’s chief executive, Gregory Wetstone, and the leaders of three other renewable power advocacy groups said in the letter. (Link to article)
