Bill Text: NJ SCR172 | 2014-2015 | Regular Session | Introduced
Bill Title: Urges President and Congress to extend solar investment tax credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Engrossed - Dead) 2015-12-21 - Received in the Assembly without Reference, 2nd Reading [SCR172 Detail]
Download: New_Jersey-2014-SCR172-Introduced.html
Sponsored by:
Senator JIM WHELAN
District 2 (Atlantic)
SYNOPSIS
Urges President and Congress to extend solar investment tax credit.
CURRENT VERSION OF TEXT
As introduced.
A Concurrent Resolution urging the President and the Congress of the United States to extend the solar investment tax credit.
Whereas, Originally enacted as part of the federal Energy Policy Act of 2005, the solar investment tax credit provides a 30 percent tax credit for the cost of solar energy systems placed in service on residential and commercial properties; and
Whereas, This 30 percent tax credit is currently available for solar energy systems on residential and commercial properties placed in service before December 31, 2016; and
Whereas, The solar investment tax credit will drop to 10 percent for commercial solar energy systems placed in service after December 31, 2016, and will cease to be available for residential solar energy systems placed in service after that date, unless the deadline is changed; and
Whereas, Tax policies related to renewable energy play a vital role in creating new high-wage American jobs, spurring economic growth, enhancing the country's energy independence, ensuring global competiveness, lowering energy bills, and reducing pollution; and
Whereas, The solar investment tax credit is a crucial federal policy supporting the development of solar energy in the country, and as a stable, multi-year incentive, it encourages private sector investment in solar manufacturing and solar project construction; and
Whereas, Maintaining the residential solar investment tax credit will assist homeowners in making the investment in a solar energy system, assist thousands of small businesses across the country that install, contract, or work on residential systems, and provide market certainty for the solar industry to continue making long-term investments in manufacturing facilities and supply chain expansion, thus helping to promote the economy and renewable energy and at the same time reducing costs for consumers; and
Whereas, Extending the solar investment tax credit for solar energy systems on residential and commercial properties at its current levels for systems placed into service after December 31, 2016 will provide certainty to those involved in the solar energy industry and an incentive to those residential and commercial property owners considering installation of a solar energy system; now, therefore,
Be It Resolved by the Senate of the State of New Jersey (the General Assembly concurring):
1. The President and the Congress of the United States are respectfully urged to expeditiously take action to extend the solar investment tax credit beyond December 31, 2016 for solar energy systems on residential and commercial properties in order to promote job creation, economic growth, and environmental benefits.
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Secretary of the Senate or the Clerk of the General Assembly to the President and Vice President of the United States, the Majority Leader and Minority Leader of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and every member of the United States Congress elected from this State.
STATEMENT
This resolution respectfully urges the President and the Congress of the United States to expeditiously take action to extend the solar investment tax credit beyond December 31, 2016 for solar energy systems on residential and commercial properties in order to promote job creation, economic growth, and environmental benefits.
