New Prop 39 tax structure creates stronger funding for renewable energy, including solar

WASHINGTON, D.C. – Carrie Cullen Hitt, vice president for State Affairs at The Solar Energy Industries Association released the following statement in response to passage of California Propositions 30 and 39 late yesterday:

"California voters not only modernized the state's corporate tax structure by passing Prop 39, they indicated their strong support for renewable energy, including expanding solar energy and encouraging related investment over the next five years."

"In implementing Prop 30, SEIA hopes that Governor Brown and California's leaders can balance the budget while preserving a strong tradition of support for the state's growing leadership in renewables, including solar energy."

Background on Calif. Prop 39:
• Changes corporate tax code to be based on sales rather than payroll, making California corporate tax structure consistent with most large states.
• Will generate an additional $1.1 billion/year in revenue. For the first five years after the initiative passes, 50 percent of these funds are set aside for solar, renewables and efficiency projects. After five years, 100 percent of the funds go to education and the general fund.
• Prop 39 was endorsed by SEIA and supported by the leadership of the legislature and the governor.
• For details, visit http://www.cleanenergyjobsact.com/the-facts/

Background on Calif. Prop 30:
• Eliminates $6 billion in cuts to California colleges and schools
• Strengthens California competitiveness by maintaining educational funding
• Taxes high income-earners with more than $500,000 in earnings
• Funding for schools and public safety
• For details, visit http://www.yesonprop30.com/index.php/about

About SEIA:
SEIA® is the national trade association of the U.S. solar energy industry. Through advocacy and education, SEIA® is working to build a strong solar industry to power America. As the voice of the industry, SEIA® works with its 1,000 member companies to make solar a mainstream and significant energy source by expanding markets, removing market barriers, strengthening the industry and educating the public on the benefits of solar energy. www.seia.org