WASHINGTON, D.C. – The American Council on Renewable Energy (ACORE) together with the American Wind Energy Association (AWEA), Citizens for Responsible Energy Solutions and Solar Energy Industries Associations (SEIA) today submitted a joint letter to the U.S. Senate raising urgent concerns with the Base Erosion Anti-Abuse Tax (BEAT) provisions in the Senate Tax Cuts and Jobs Act. According to these industry leaders, the BEAT program, as currently drafted, would have a devastating impact on renewable energy investment and deployment.
“Renewable tax credits, which are already phasing down, would be subject to a new 100 percent tax under the Senate bill, while the array of tax benefits for fossil fuels, in some cases more than 100 years old, remain untouched,” said ACORE CEO Gregory Wetstone. “If this bill passes as drafted major financial institutions would no longer participate in tax equity financing, which is the principal mechanism for monetizing credits. Almost overnight, you would see a devastating reduction in wind and solar energy investment and development.”
America’s booming renewable energy sector, growing to the tune of $50 billion annually, is one of the nation’s most important economic drivers and a critical source of jobs in rural areas where economic opportunity is often otherwise unavailable. If the Senate bill passes as it’s written today, this flourishing industry would suffer massive losses in investment and job creation.
The full letter is available here. The signers are:
- Gregory Wetstone, President & CEO, American Council on Renewable Energy (ACORE)
- Tom Kiernan, CEO, American Wind Energy Association (AWEA)
- Heather Reams, Managing Director, Citizens for Responsible Energy Solutions (CRES)
- Abigail Hopper, Executive Director, Solar Energy Industries Association (SEIA)
The American Council on Renewable Energy (ACORE) is a national non-profit organization leading the transition to a renewable energy economy. With hundreds of member companies from across the spectrum of renewable energy technologies, consumers and investors, ACORE is uniquely positioned to promote the policies and financial structures essential to growth in the renewable energy sector. Our annual forums in Washington, D.C., New York and San Francisco set the industry standard in providing important venues for key leaders to meet, discuss recent developments, and hear the latest from senior government officials and seasoned experts. For more information, visit the ACORE website and follow @ACORE on Twitter.
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