In an overwhelming show of solidarity, 37 energy-storage companies and associations have written a letter to Congressional leaders asking them for clarification on whether their products qualify for the investment tax credit (ITC) and urged them to support their inclusion in upcoming tax legislation.
With a vote on the Trump Administration’s comprehensive tax reform bill looming on the horizon, the group is asking Congress to codify the Internal Revenue Service’s previous Private Letter Rulings and guidance on the issue.
The group also said the energy-storage industry supports 70,000 employees that would benefit from this clarification because it would encourage further investment in the segment and grow that number even further.
If those arguments sound familiar, it’s because they echo the arguments made by the solar industry in 2008 when it lobbied for the original ITC for the industry, and reiterated most recently in 2015, when the ITC was extended.
Recently, the solar ITC came under attack in the Senate’s version of the tax reform bill, but intense lobbying by the solar industry helped mitigate the damage, though it did not emerge unscathed. It appears the energy storage industry learned from that experience and is trying to codify its ITC eligibility in a separate law to keep any tax legislation from harming it.
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