Senate Again Fails To Extend Solar Tax Credits

Senate Again Fails To Extend Solar Tax Credits

blogs.barrons.com

For the eighth time since June 2007, the Senate was unable to reach a bipartisan compromise to extend solar tax credits which are vital to the solar industry and our economy. Time is running out to extend the solar tax credits and without passage in the immediate future, tens of thousands of jobs and billions of dollars will be lost in new solar investment. Already companies are putting projects on hold and preparing to send thousands of jobs overseas...

(visit the link for the full news article)


Related News Links:
uk.reuters.com
www.csmonitor.com

Continued from above:

...real jobs that would otherwise be filled by American workers. Failure to extend the solar tax credits is a severe blow to an industry that has proven to be an economic engine for the U.S. at a time when we need it most.

The Senate now has little time left this year to extend these tax credits. I strongly urge the Senate to figure out a bipartisan compromise and immediately extend the solar tax credit when they return from their August recess.

From Reuters:

"This is just one piece of the puzzle," said Senate Majority Leader Harry Reid. "But it is an important piece -- and one that can make a difference in energy prices immediately."

Republican leaders expressed support for the tax package, but said they wanted to focus on passing legislation that would increase domestic oil production.

Separately, lawmakers remain locked in a stalemate over the passage of a bill aimed at reining excessive speculation.

Early on Wednesday, an aide said Senate Republican Leader Mitch McConnell had accepted an offer from Reid to move forward on the speculation legislation, but a spokesperson for Reid rebuffed these claims saying the Republican "overtures about a 'deal' are disingenuous at best."

Reid said on Tuesday that if Republicans blocked the tax package, he would cut off negotiations over speculation bill.

From Christian Science Monitor:

With a big new solar power plant in the Nevada desert and thousands of wind turbines sprouting nationwide, US renewable energy seems poised for a boom as long as federal tax credits don't suddenly evaporate.

After years of start-and-stop growth, wind-and solar- power industries soared in 2007, thanks to three consecutive years of tax credits that provided a critical lift for both sectors.

But whether the fledgling industries can fly without tax credits, due to expire at the end of this year, is a question being debated on Capitol Hill this week.

The bottom line is this: It is LONG PAST TIME that the USA began to get serious about alternative energy sources. This can be seen int he recent addition to T. B. Pickens the long time oil mans decision to back Wind Energy. We have remained for too long dependent on OTHERS for our energy as well as overly dependent on a FINITE, LIMITED, HIGHLY POLLUTING energy source, oil.

Just as the alternative energy sector is beginning to get a foothold in the USA our government, thanks largely to the Republican party, is failing to do what is needed to keep this fledgling industry alive and growing.

The Republicans are overly focused on Oil and securing more land for Big Oil to claim as its own. They are more interested in perpetuating an industry and energy source that has a growing list of problems.

While oil can not be ignored neither can the alternative energy sources. Republicans are showing their true colors on stalling on passing this bill that would ensure that tax credits continue to be in place for those who wish to invest in alternative energy.

I urge all ATSers who believe the USA should be committed to alternative energy to contact their representatives and put pressure ot hem to get this bill past.

The Republicans need to be made to see that they MUST act and quit stalling. The future is here ignoring it will only do damage to our nation.




blogs.barrons.com
(visit the link for the full news article)

reply to post by Animal


They rhetoric about wanting to reduce our reliance on foreign oil was not meant to imply they wanted to reduce our reliance on ANY oil.

These "leaders" of ours are bankrolled by those heavily vested in the oil industry. (Energy industry actually, but they never considered 'solar' seriously because the profit margin was so low) The government has been 'tailored' to treat the oil men with the gentlest of gloves.

They will always scream - "it's too costly to implement", never once admitting that the playing field has been tilted against solar since the beginning.
And of course, heaven forbid they have to invest in a project that wont return 60-70% profit by the 1st quarter of operation. They want their money NOW.