NewEnergyNews: Tax Bill Cuts New Energy, Supports Nuclear

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    Thursday, November 09, 2017

    Tax Bill Cuts New Energy, Supports Nuclear

    House Tax Bill Trims Wind Tax Credit, Extends Nuclear Provision

    Ari Natter (w/Jennifer A. Dlouhy and Chris Martin), November 2, 2017 (Bloomberg News)

    “…[The House Republicans’] tax overhaul bill would trim the wind energy’s production tax credit by more than a third…[The bill] also extends an estimated $6 billion tax credit for the nuclear industry…The bill also adds tax credits for other energy sources, such as geothermal, small-scale wind and fuel cells that were left out of a 2015 budget and spending deal…The House tax overhaul would cut the wind industry’s 2.3-cent-per-kilowatt hour tax credit to 1.5 cents and also hardens a deadline for its phaseout -- changes estimated by congressional analysts to cut more than $11 billion in benefits to the industry over the next decade…[T]he wind production tax credit begins phasing out this year before expiring in 2020. A separate, and unaffected, solar industry tax credit phases out before expiring in 2022. That will continue as planned, but a 10 percent tax credit for the solar industry that was supposed to be permanent for utility-scale and commercial projects would be ended by the bill after 2027…The legislation would end a $7,500 tax credit provided for consumers who purchase electric vehicles…[and minor oil industry tax breaks…But the oil industry would keep its largest targeted tax measures…” click here for more

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