Congresswoman Eshoo Supports Bill to Enhance Tax Breaks for Solar

About a week ago I e-mailed Senators Boxer & Feinstein and Congresswoman Anna Eshoo about a pair of bills that would dramatically expand and extend the federal tax credit for Solar Power and other forms of renewable energy. The House Bill is H.R. 550 and the Senate Bill is S. 590. The impact of this bill would be enormous. It would raise the federal tax credit for a typical 3 kilowatt solar system from $2,000 to $9,000 !! If this sounds like a law you'd like to see passed, write to Senators Boxer and Feinstein and see if they will co-sponsor S. 590!

Here's the reply I got from Congresswoman Eshoo. The reason why this bill is so appealing is highlighted in red. The bill would be retroactive to cover systems installed after Dec. 31, 2006.

Dear Bruce,

Thank you for contacting me about H.R. 550. I'm a cosponsor of this bill, the Securing America's Energy Independence Act of 2007.

I believe Congress must provide incentives to encourage the development of sustainable sources of energy and I'm a strong supporter of legislation that expands federal investments in renewable sources of energy. H.R. 550 amends the Internal Revenue Code to extend until 2016 energy tax credits for those who choose to utilize or install solar and fuel cell technologies at their businesses and homes. It raises the credit for residential solar power equipment to $1,500 per half kilowatt of capacity and it removes the caps on the maximum credit that can be claimed by home owners and businesses that install photovoltaic equipment. The tax credits may also be applied against a taxpayer's alternative minimum tax liability.

I will do everything I can to see that this bill is enacted into law and I will continue to work to encourage the widespread use of efficient and renewable sources of energy. Adopting sustainable energy policies will help us meet the challenges of global climate change, provide greater energy security, and offer economic opportunity to emerging energy providers.

Sincerely,

Anna G. Eshoo
Member of Congress