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Analysis on Final H.R. 1 Tax Cuts and Jobs Act

H.R.1 TaxCutsJobsActAnalysis FinalBill

With enactment of the Tax Cuts and Jobs Act, Congress ushers in the first major change to the U.S. Internal Revenue Code in over 30 years. The legislation will have a dramatic impact on business and investment, including direct and indirect impacts on the renewable energy sector. The final tax bill represents a measured victory for renewable energy in that it leaves the 2015 renewable tax credit extensions for wind and solar power unaltered, rejects the 20% Alternative Minimum Tax (AMT), and includes important repairs that reduce, but do not eliminate, the detrimental impacts of the new Base Erosion Anti-Abuse Tax (BEAT).

In this analysis ACORE provides a detailed summary of these key provisions along with their implications for renewable energy investment.

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Conference Analysis on H.R. 1 Tax Cuts and Jobs Act

ConferenceAnalysis

Both the Senate and House versions of the tax reform bill contain a range of provisions that will have a devastating impact on investment tools that have been critical to the growth of the country’s burgeoning renewable energy economy. In this conference analysis, ACORE outlines the provisions of concern in the House Bill as it relates to direct changes to renewable tax credits, as well as the provisions of concern and in the Senate bill, including the changes to the Alternative Minimum Tax and new Base Erosion Anti-Abuse Tax (BEAT). The analysis paper also highlights our recommended approaches for remedying each of these issues in any final tax bill.

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US PREF Speaks out on Retroactive Provisions in House Tax Proposal

PREF LetterHR1 RenewableEnergyProvisions

Nov. 13 letter from the U.S. Partnership for Renewable Energy Finance (US PREF) to Rep. Kevin Brady, Chairman of the House Ways and Means Committee, urging immediate action to remove the retroactive tax provisions included in the Tax Cuts and Jobs Act (H.R. 1). Sections 3501(b) and 3502(k) change the rules governing how projects qualify for wind and solar tax credits in past as well as future years, undermining investment, for example, in projects that qualified for tax credits under U.S. law and guidance last year. These provisions are so destructive that their introduction has shaken the marketplace and had an immediate negative impact on U.S. investment and job growth.

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Joint Letter Calling on Senate to Repair Provisions that Undermine Renewable Energy in the Senate Tax Bill

ACORE AWEA CRES SEIA LetterOnSenateTaxBill Nov29

The American Council on Renewable Energy (ACORE), American Wind Energy Association (AWEA), Citizens for Responsible Energy Solutions (CRES) and Solar Energy Industries Association (SEIA) submitted a joint letter to the U.S. Senate outlining urgent concerns with the Base Erosion Anti-Abuse Tax (BEAT) provisions in the Senate Tax Cuts and Jobs Act. As drafted, the BEAT program would have a devastating, if unintended, impact on wind and solar energy investment and deployment.

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Summary Analysis: H.R. 1 Tax Cuts and Jobs Act

ACORE SummaryAnalysis HR1 TaxReforms1217

On November 2, House Republican leaders introduced their long-awaited tax proposal, H.R. 1, revealing for the first time the details of their effort to overhaul the tax code.

Rather than rewarding the wind and solar sectors for their leadership in becoming the nation’s first industries to agree to the phasedown of their own tax incentives, H.R. 1 breaks faith with the 2015 tax accord. The bill would affect fundamental changes that substantially reduce the value of the wind production tax credit, phase out the permanent solar credit, and impose new requirements that retroactively change the rules governing how projects qualify for the tax credits. But that is just the start.

In this new document, ACORE provides a summary analysis of the bill outlining the energy provisions’ key areas of concern

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