Final Republican Tax Bill Minimizes Damage To Renewables, Electric Vehicles & Affordable Housing

Republicans from the House and Senate voted yesterday to approve their conference tax bill. Due to intense lobbying efforts, negotiators in the committee reduced some of the harm I described that the previous versions of the bill would have done to renewable energy, electric vehicles, and affordable housing. As Brad Plumer in the New York Times writes, support for renewables is now bipartisan, as Republican states like Iowa produce a lot of wind power, while states like Ohio and Nevada with Republican senators manufacture a lot of clean technology equipment. This Republican support for clean technology clearly helped during the negotiation phase. Most of the changes in the bill involve corporate tax credits, which are used to finance renewables and affordable housing. To put the value of these credits in perspective, tax equity finance typically accounts for about 50% to 60% of the capital stack for a wind project and 40% to 50% for a solar facility. The final tax bill makes…

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