June 17, 2008

Washington, DC, USA: Senate Bill Fails on Cloture Vote for Investment Tax Credit Extension

The latest attempt to extend the current Investment Tax Credits failed today in the Senate. A cloture vote on the Energy Independence and Tax Relief Act of 2008 only secured a 52 for – 44 against result. A cloture motion requires the support of 60 Senators.

The bill would have provided a 8-year extensions of both the commercial and residential solar tax credits, relief from the alternative minimum tax for companies and individual filers that want to take the solar tax credit, a doubling of the residential monetary cap to $4,000 and elimination of the public utility prohibition on taking the credit directly. The bill included offsets that close an income tax loophole for hedge-fund managers and delays a favorable accounting provision for multinational corporations.

SEIA president Rhone Resch said, “I am deeply disappointed that the Senate has once again failed to reach a bipartisan consensus that would allow this important legislation to move forward. Not extending the solar tax credits is an enormous tax increase that will cost America tens of thousands of jobs. If the Senate is unable to act - and the solar tax credits are allowed to expire – it will result in the loss of billions of dollars in new investments in solar."

“Time is running out. I strongly urge the Senate to reach a bipartisan consensus and pass this legislation, now.”

Further details about: Solar Energy Industries Association