What’s Bad News In The Tax Bill For New Energy

Another Victim Of The GOP Tax Bill? The Environment

Frederick Hewitt, December 11, 2017 (WBUR)

“…Most economists agree that the steep reductions in corporate tax rates [in the Republican tax plan] won’t stimulate nearly enough revenue to avoid bloating the deficit…To the list of economic sectors that will feel the hurt, add renewable energy…The House and Senate versions of the bill differ in their approaches to the wind and solar industries, but both are bad news for clean energy…[The Senate version jeopardizes] the financing of numerous clean energy projects under construction and [discourages] future clean energy investments…Wind projects have historically been financed using [the federal tax incentives]…With the proposed changes in the tax code, the tax credits for wind would be less valuable to potential investors because corporate tax rates would be lower and the credits would expire sooner…[The House version eliminates] the $7,500 tax credit for consumers who purchase electric vehicles…Its loss could be a serious blow to sales…[Both bills give big breaks to the oil and gas industry by opening new drilling opportunities and are] consistent with the pro-fossil-fuel positions that Trump and his party have been pushing…” click here for more

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