Solar Industry Starts Major Push for US Solar Market Legislation (S.590 bill)

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http://www.solarbuzz.com/News/NewsNAGO323.htm

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Senators Gordon Smith (R-OR) and Ken Salazar (D-CO) yesterday introduced legislation to stimulate investment in America’s most abundant renewable resource – solar power. The Solar Energy Industries Association praised Senators Smith and Salazar for sponsoring S. 590, the “Securing America’s Energy Independence Act.” The bill would extend and expand solar energy investment tax credits for homeowners and businesses through 2016. Under current law, the credits are set to expire at the end of next year.

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Residential Solar Tax Credit: Extends a 30-percent tax credit, created in the Energy Policy Act of 2005, for the purchase of residential solar water heating and fuel cell property. Changes the maximum credit to $1,500 for each half-kilowatt of capacity for solar PV equipment and $1,000 for each kilowatt of capacity for fuel cells. Credits may be taken against the alternative minimum tax. Expires after December 31, 2016.

Business Solar Tax Credit and Fuel Cell Tax Credit: Extends a 30-percent business credit, established in the Energy Policy Act of 2005, for the purchase of fuel cell power plants, solar energy property, and fiber-optic property used to illuminate the inside of a structure. Changes the maximum credit to $1,500 for each half-kilowatt of capacity for solar PV equipment. Credits may be taken against the alternative minimum tax. Expires after December 31, 2016.

Accelerated Depreciation: Creates a three-year accelerated depreciation period for all solar equipment eligible for the business solar tax credit.

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