How the House Tax Bill Would Impact Wind, Solar, Electric Vehicles and Utilities
The tax reform bill unveiled last week may pose a major threat to renewable energy. How severely will the energy industry be impacted by the new tax code?
In an article from Green Tech Media, author Lacey Johnson writes, “Wind and electric vehicles stand to lose the most. Lawmakers are looking to slash tax credits for wind by more than a third and eliminate the $7,500 federal credit for electric-vehicle purchases. The Senate is crafting its own version of the bill, however, so many of the proposals in the House version may never become law”.
In the article, Johnson discusses:
- PTC rollback and new rules for construction
- Full repeal of the ITC after 2027
- Repeal of the $7,500 federal tax credit for electric vehicles
- Bright spots for utilities and orphaned technologies
Johnson continues, “If changes to the PTC survive in the Senate, utilities heavily involved in wind development — such as NextEra Energy, Pattern Energy Group and Avangrid — could be negatively impacted, according to a report by Morgan Stanley Research”. What will the manufacturing industry look like once this tax bill passes?
To read more, see the full article from Lacey Johnson in Green Tech Media.