As originally published in The Leader on January 14, 2018.
It was heartening to see Congressman Tom Reed vote “Hell yes!” on the tax reform bill after all the hard work he has put into it (“House passes massive tax package; Senate to vote next,” Dec. 19).
I’m grateful that Representative Reed fought to include the Investment Tax Credit (ITC) that will benefit clean energy sources. Innovative energy projects like fiber-optic solar energy, small wind energy, and geothermal heat pumps, among others, are often capital intensive but deliver significant economic and local energy production benefits over the long term. He understands that tax parity between energy generation technologies is critical for the future growth of clean energy industries, which are among the most robust job creators today.
Unfortunately, a handful of important “orphaned” tax credits for renewable energy did not make it into the final agreement. These credits could still be implemented with a new piece of legislation, so I encourage Congressman Reed to keep up the good fight for America’s energy future.
In the meantime, clean energy businesses in New York and nationwide will be celebrating the lower corporate tax rate as well as the new 100 percent expensing provision. These changes will help us attract the next generation of investors in clean energy projects that our country will need throughout the 21st Century.