Statement From Gregory Wetstone, President and CEO of the American Council on Renewable Energy
“Democrats are clearly united in their determination to include a scientifically credible policy response to the climate crisis in the final budget reconciliation package – and the clean energy tax platform embraced by both the House and Senate is foundational to that effort. That’s why it’s so important that Congress not inadvertently undermine its own policy objectives in otherwise unrelated provisions of the Build Back Better legislation. Specifically, while renewable energy credits are appropriately protected in the just released corporate alternative minimum tax proposal, the depreciation that works alongside those tax credits is not. The predictable result will be increased costs and slower renewable energy deployment that works at direct cross purposes with Congress’ decarbonization goal for the power sector. It’s not too late. The corporate alternative minimum tax proposal can and should be modified to protect the depreciation associated with the renewable energy projects that Congress is counting on to decarbonize the power sector and achieve the Biden administration’s climate commitments.”
For more than 20 years, the American Council on Renewable Energy (ACORE) has been the nation’s premier pan-renewable nonprofit organization. ACORE unites finance, policy and technology to accelerate the transition to a renewable energy economy. For more information, please visit www.acore.org.
Blake McCarren, Communications Manager, ACORE
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Alex Hobson, Vice President of Communications, ACORE
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