Green Energy Credits May Expire in USA
December 3, 2015 Taxation in USA
WASHINGTON D.C. – The US is set to see serious debate on the future of tax credits for renewable energy, as claims arise that the measures are costly and unnecessary.
On December 2nd the US based Republican Study Committee (RSC) released a new report calling for the government to end the tax credits currently available to businesses involved and wind and solar energy generation.
Currently some supporters of the wind and solar industries are calling for the government to extend the deadlines set for the phase out of wind production tax credit and the solar investment tax credit.
However, the chairman of the RSC stated that “…special interest giveaways like the wind production tax credit (PTC) and the solar investment tax credit (ITC) have overstayed their welcome and their usefulness. We should allow these programs, which amount to the federal government picking winners and losers, to be phased out as scheduled.”
It was noted that the Wind production tax Credit now costs approximately USD 6.4 billion per year.
As further evidence that the tax breaks are not needed, the RSC claimed that the residential solar industry was worth USD 13 billion in 2014 alone, and has grown large enough to no longer require government support.
Photo By: Jeremy Levine