Senate Again Fails To Extend Solar Tax Credits
The U.S. Senate yesterday failed yet again to approve a measure that would extend solar tax credits, which are due to expire at the end of 2008.
As Reuters notes, a measure which would have extended the tax credits for eight years failed a key procedural vote.
In a statement, Solar Energy Industry Association president Rhonse Resch warned that a failure to extend the tax credit could damage the domestic solar industry:
For the eighth time since June 2007, the Senate was unable to reach a bipartisan compromise to extend solar tax credits which are vital to the solar industry and our economy. Time is running out to extend the solar tax credits and without passage in the immediate future, tens of thousands of jobs and billions of dollars will be lost in new solar investment. Already companies are putting projects on hold and preparing to send thousands of jobs overseas - real jobs that would otherwise be filled by American workers. Failure to extend the solar tax credits is a severe blow to an industry that has proven to be an economic engine for the U.S. at a time when we need it most.
The Senate now has little time left this year to extend these tax credits. I strongly urge the Senate to figure out a bipartisan compromise and immediately extend the solar tax credit when they return from their August recess.
While industry observers expect the credit will eventually be extended, there are concerns on the Street that the uncertainty about the future of the credits - and the potential that they will not be renewed until after a new administration is installed early next year - will cause U.S. installation of solar systems to temporarily grind to a halt.
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