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ACORE Statement on the Tax Cuts and Jobs Act Conference Report

 Statement by Gregory Wetstone, President and CEO, American Council on Renewable Energy (ACORE)

Washington, D.C. Dec. 15, 2017 – "We are grateful for the elimination of provisions that would have decimated future renewable energy growth and even penalized past investment in wind and solar power, but we remain concerned about the potential impacts of the new Base Erosion Anti-Abuse Tax (BEAT) on renewable energy finance. Even as we recognize that important progress was made in the effort to repair those provisions, we also note that the repair does not cover the full duration of the wind production tax credit (PTC) and the applicability of the new tax was expanded by conferees.

It will take some time to assess the statutory language and determine how the financial institutions that invest in wind and solar power, and play a central role in allowing developers to utilize tax credits, will respond. Business tax credits, like those for wind and solar power, can now be used to offset up to 80 percent of the BEAT tax.  But the 80 percent repair applies only through 2025, and therefore devalues the later years of the 10-year wind PTC.  In addition, we are uncertain how the marketplace will react to the fact that more multi-national firms may now be covered by the BEAT, and tax credits may not all be usable in any given year.

We note that many tax equity investors are potentially subject to the BEAT tax and will only able to determine if they are covered under the complex formula in the new law once they have completed their year-end tax calculations. The revised bill lowers the threshold that triggers application of the new tax to multi-national companies. Originally, four percent of a company’s total allowable deductions could be associated with foreign activity. Now that figure is reduced to two percent for financial institutions and three percent for all others."

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About ACORE
The American Council on Renewable Energy (ACORE) is a national non-profit organization leading the transition to a renewable energy economy. With hundreds of member companies from across the spectrum of renewable energy technologies, consumers and investors, ACORE is uniquely positioned to promote the policies and financial structures essential to growth in the renewable energy sector. Our annual forums in Washington, D.C., New York and San Francisco set the industry standard in providing important venues for key leaders to meet, discuss recent developments, and hear the latest from senior government officials and seasoned experts. For more information, visit the ACORE website and follow @ACORE on Twitter.

Media Contact:
Gil Jenkins
Vice President of Communications
jenkins@acore.org | 202.777.7584

ACORE Announces Its 2018 Class of New and Returning Board Members

Washington, D.C. Dec. 7, 2017 – The American Council on Renewable Energy (ACORE) today announced its new and re-elected Board members for 2018. Neil Gerber, Director for New Energy and Environment at IBM, and Kathy Weiss, Vice President of Government Affairs at First Solar, were re-elected to additional three-year terms. In addition, ACORE welcomes three new Board members:  John Eber, Managing Director of Energy Investments at J.P. Morgan; Brad Nordholm, Vice Chairman and Senior Managing Director at Starwood Energy; and Patrick Reiten, Senior Vice President for Government Relations at Berkshire Hathaway Energy.

Clean Energy Leaders Statement on Passage of the Tax Cuts and Jobs Act in U.S. Senate

Joint statement by:
Gregory Wetstone, President and CEO, American Council on Renewable (ACORE)
Tom Kiernan, CEO, American Wind Energy Association (AWEA)
Matthew Mallioux, Director, American Conservation Coalition (ACC)
Heather Reams, Managing Director, Citizens for Responsible Energy Solutions (CRES)
Mark Pischea, President, Conservative Energy Network (CEN)
Mark Fleming, President and CEO, Conservatives for Clean Energy (CCE)

Washington, D.C., Dec. 2, 2017 – “We applaud the reduction in the corporate tax rate and preserving frameworks that support the clean energy sector. However, we are concerned about provisions that will have a negative impact on clean energy investments, including Base Erosion Anti-Abuse Tax (BEAT) provision and the impact of the corporate Alternative Minimum Tax (AMT) on investment tools that have been critical to the growth of the clean energy sector.

ACORE, AWEA, CRES and SEIA Submit Joint Letter Calling on Senate to Repair Provisions that Undermine Renewable Energy in the Senate Tax Bill

WASHINGTON, D.C. Nov. 29, 2017 – The American Council on Renewable Energy (ACORE) together with the American Wind Energy Association (AWEA), Citizens for Responsible Energy Solutions and Solar Energy Industries Associations (SEIA) today submitted a joint letter to the U.S. Senate raising urgent concerns with the Base Erosion Anti-Abuse Tax (BEAT) provisions in the Senate Tax Cuts and Jobs Act. According to these industry leaders, the BEAT program, as currently drafted, would have a devastating impact on renewable energy investment and deployment.

Energy Industry Associations Tell FERC that DOE Proposal to Subsidize Coal, Nuclear Power Plants is Unsupported by Record, Would Throw a Costly Wrench into Electricity Markets

Joint filing from broad array of groups takes aim at financial “Beneficiaries” as the only entities to support the DOE proposal – and whose filings fail to establish that the proposed subsidies are needed or legally valid

WASHINGTON, D.C. Nov. 7, 2017 – A diverse group of a dozen energy industry associations representing oil, natural gas, wind, solar, efficiency, and other energy technologies today submitted reply comments to the Federal Energy Regulatory Commission (FERC) continuing their opposition to the Department of Energy’s (DOE) proposed rulemaking on grid resiliency pricing, in the next step in this FERC proceeding. Action by FERC is expected by December 11.

ACORE Statement on the House Ways & Means Committee's Tax Proposal

Statement by Gregory Wetstone, American Council On Renewable Energy (ACORE), President and Chief Executive Officer

Washington, D.C., November 3, 2017 – “The energy credit provisions detailed in the House Ways & Means Committee's tax proposal released today are an assault on what has been one of the nation’s most important economic drivers, the U.S. renewable energy industry. Over the past six years, the renewable energy sector has been the largest source of domestic private sector infrastructure investment, with nearly $100 billion in investment over the last two years alone. Current tax law has been essential to this growth, including the bipartisan tax law compromise in 2015 in which wind and solar credits phase down and out over the next few years.

ACORE Statement on the Reintroduction of the Master Limited Partnerships Parity Act

Statement by Gregory Wetstone, American Council On Renewable Energy (ACORE), President and Chief Executive Officer

Washington, D.C., October 25, 2017 – “We commend Senator Chris Coons (D-DE) and Jerry Moran (R-KS) for their leadership in once again introducing this important legislation to level the playing field and promote greater private investment in our nation’s renewable energy resources.

Energy Industry Associations File Comments with FERC Opposing Rule Proposed by Energy Secretary Perry to Subsidize Coal, Nuclear Power Plants

Joint filing says DOE proposal would “prop up uneconomic generation that is unable to compete and not otherwise needed for reliability”

WASHINGTON, D.C. October 23, 2017 – A diverse group of 12 energy industry associations representing oil, natural gas, wind, solar, efficiency, and other energy technologies today submitted comments to the Federal Energy Regulatory Commission (FERC) in response to the Department of Energy’s (DOE) proposed rulemaking on grid resiliency pricing. In joint comments, this broad group of energy industry associations urged FERC not to adopt DOE’s proposed rule to provide out-of-market financial support to uneconomic coal and nuclear power plants in the wholesale electricity markets overseen by FERC.

ACORE Statement to the International Trade Commission in Favor of a Recommendation of Non-Restrictive Trade Remedies

Remarks as Prepared for Delivery by Gregory Wetstone, President and CEO, American Council on Renewable Energy

WASHINGTON, October 3, 2017 – "I am Greg Wetstone, president and CEO of the American Council on Renewable Energy. ACORE represents hundreds of leading companies from across the renewable energy sector, including key U.S. companies active in solar generation, manufacturing, and development, as well as those investing and financing billions of dollars in solar projects each year and those procuring solar power to meet energy requirements, service critical energy functions and achieve sustainability objectives. Our members will be directly impacted by the remedies recommended by the Commission.

Energy Industry Associations Call on FERC to Expand Deliberative Process Before Unprecedented Rulemaking

WASHINGTON, October 2, 2017 – A group of 11 energy industry associations representing natural gas, wind, solar, rural electric cooperatives and other energy technologies today filed a motion at the Federal Energy Regulatory Commission (FERC) following the Department of Energy’s (DOE) proposed rulemaking on grid resiliency pricing. In their motion, energy industry associations called on FERC to move forward with a deliberative process that considers stakeholder input as it determines whether and how to move forward with a rulemaking.

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