Solar Energy Tax Credit May Be Saved By Washington Gridlock
A stalemate in Washington next year over tax reform could help solar developers by preserving the 30 percent investment tax credit for solar projects until it expires at the end of 2016.
Regardless of who wins the Nov. 6 U.S. presidential election, Congress is expected to target tax loopholes and government subsidies as part of an effort to rein in federal spending and cut the deficit.
But an agreement between Democrats and Republicans is not expected to come easily, and an impasse could keep the ax away form the tax credit.
"It's one of those unusual situations where the gridlock that prevails around Congress could actually work to our benefit," Paul Detering, chief executive of San Francisco-based solar project developer Tioga Energy, told the Renewable Energy Finance Forum conference in San Francisco on Thursday.
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