Close

House Passes Solar Tax Credit Bill, but It May Expire Anyway

Jason Hicks |

WASHINGTON — Coin laundry owners looking to install solar panels at their stores may want to either do it quickly or hold off for a while. The House of Representatives approved legislation on Friday to extend billions of dollars in tax credits for renewable energy, but the bill faces an uncertain future with opposition from both the White House and the Senate.Both the House bill and a bill that passed the Senate earlier in the week would extend for eight years investment tax credits for solar energy projects, with one-year production tax credits for wind energy. If Congress doesn’t decide on a final energy tax package before lawmakers leave town to campaign for the November election, the credit will expire Dec. 31.The White House threatened to veto the House bill, which passed by a margin of 226-166, and favored the Senate bill, which includes language protecting millions of Americans from having to pay the higher alternative minimum income tax.The tax breaks in both bills are funded by limiting tax breaks for oil and gas companies. Unlike the Senate bill, the House bill does not provide tax incentives for refineries to process oil from shale and tar sands or for projects that turn coal into liquid fuel. 

About the author

Jason Hicks

American Drycleaner

Jason Hicks was assistant editor for American Trade Magazines, which publishes American Coin-Op, American Drycleaner and American Laundry News, for more than nine years, and web editor for three years.

Advertisement

Digital Edition

Latest Classifieds

Industry Chatter