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.
The House tax bill abandons this bipartisan compromise, substantially reducing the value of the wind tax credit and phasing out a long-term solar credit. Most destructively, the bill imposes new criteria for how wind projects qualify for the tax credit, retroactively overruling Treasury Department guidance that has been relied upon by companies supporting tens of billions of dollars in recent domestic infrastructure investment.
It is noteworthy that the architects of the House bill focus their efforts to save funds on the dwindling temporary incentives for renewable energy, rather than the permanent incentives for fossil fuel, which have in many cases been on the books for more than 90 years. The reductions to renewable energy incentives will, according to the Joint Committee on Taxation, total more than 60 times the dollars saved in the largely symbolic reductions in fossil fuel incentives.
ACORE and its member companies look forward to working with legislators on both sides of the aisle in support of tax changes that level the playing field and promote continued investment in renewable energy.”
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.
Vice President of Communications, ACORE
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