Two companion payments have been launched within the House and Senate to name for an extension of the solar funding tax credit score (ITC).
The Renewable Energy Extension Act proposes a five-year 30% extension of Section 48 and Section 25D solar ITCs. The invoice was rolled out within the House by U.S. Reps. Mike Thompson, D-Calif., Paul Cook, R-Calif., and Brian Fitzpatrick, R-Pa., and within the Senate by U.S. Sen. Catherine Cortez Masto, D-Nev.
“Clean energy is our future – a crucial part of deploying green energy that creates jobs, reduces our dependence on foreign energy sources and improves our environment,” says Thompson. “That’s why I am proud to introduce the Renewable Energy Extension Act, a bill to extend the energy investment tax credit at 30 percent for five years. This tax credit is a key part of increasing the use of clean energy technologies, and it helps our environment. And we know it works; the ITC produced billions in investment last year alone, and I’m proud to introduce this important bill to help green our tax code today.”
“Protecting the environment is good for our health and our economy,” says Cortez Masto. “These tax incentives help us achieve these goals by increasing commercial and residential solar use, reducing carbon emissions, and creating good-paying jobs. My legislation would ensure that Nevada remains a national leader in solar energy and that companies continue to make strong investments in solar energy and innovation for years to come.”
Urging lawmakers to go this laws, Abigail Ross Hopper, president and CEO of the Solar Energy Industries Association (SEIA), has launched the next assertion on the introduction of the payments:
“These payments are clear, straightforward wins members of Congress can ship to their constituents that create jobs, bolster the economic system and deal with climate change. Polling reveals that Americans throughout the political spectrum are involved about our altering climate and so they strongly help solar.
“Since 2005, when the ITC was first handed by the Republican-led Congress and signed into legislation by President George W. Bush, the ITC has created lots of of 1000’s of jobs, sparked greater than $140 billion in non-public funding and helped develop solar deployment by greater than 10,000 p.c.
“Now just isn’t the time to show our backs on this American success story. The ITC is the strongest coverage there may be to help clear energy growth, develop the economic system, create jobs and meaningfully minimize emissions.
“We are grateful to Sen. Cortez Masto, Rep.Thompson, Rep. Cook and Rep. Fitzpatrick for his or her management and are keen to construct on the bipartisan help this laws already enjoys. In the following a number of months, we stay up for working with all members of Congress to maneuver this laws over the end line.”