US: tax credit for solar likely to be extended at current level to 2020
17.12.2015: The US federal 30% Investment Tax Credit (ITC) for solar installations will likely be extended at its current level to 2020. According to Bloomberg, Republicans and Democrats have reached an agreement on the spending bill and year-end tax legislation that also includes a measure to extend the ITC for solar after 2016.The bill will have to be approved by the Congress on December 18. If the congress will pass the bill, the ITC for solar installations will be maintained at its current level to 2020 and will then be reduced to 26% in 2021, to 22% in 2022 and to 10% starting from 2023. If the new legislation will not be approved by the Congress, the ITC will be reduced to 10% starting from Jan. 1, 2017. The US Solar Energy Industries Association (SEIA) has welcomed the inclusion of the five-year solar investment tax credit (ITC) extension in the bill. » A five-year extension of the ITC will lead to more than $125 billion in new, private sector investment in the US economy. And much of this growth will come from small businesses, which make up more than 85 percent of America’s 8,000 solar companies,« said SEIA in its press release. © PHOTON
www.seia.org/news/seia-commends-congressional-leaders-including-itc-extension-omnibus-bill
docs.house.gov/billsthisweek/20151214/CPRT-114-HPRT-RU00-SAHR2029-AMNT1final.pdf
Monty Bannerman
ArcStar Energy
+1-646-402-5076
www.arcstarenergy.com
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