Summary

HR 550 would extend solar energy investment tax credits for homeowners and businesses through 2016. The short title of this bill is the Securing America's Energy Independence Act of 2007 .

Background

These credits are currently set to expire next year.

Detail

The Solar Energy Industries Association Press Release /1/ reports:

The Securing America's Energy Independence Act includes the following provisions, to take effect for all equipment installed retroactive to January 1, 2007 and going forward:

Residential Solar Tax Credit: Extends a 30-percent tax credit, created in the Energy Policy Act of 2005, for the purchase of residential solar water heating, photovoltaic (PV) equipment, and fuel cell property. Changes the maximum credit to $1,500 for each half-kilowatt of capacity for solar PV equipment and $1,000 for each kilowatt of capacity for fuel cells. Credits may be taken against the alternative minimum tax. Expires after December 31, 2016.

Business Solar Tax Credit and Fuel Cell Tax Credit: Extends a 30-percent business credit, established in the Energy Policy Act of 2005, for the purchase of fuel cell power plants, solar energy property, and fiber-optic property used to illuminate the inside of a structure. Changes the maximum credit to $1,500 for each half-kilowatt of capacity for solar PV equipment. Credits may be taken against the alternative minimum tax. Expires after December 31, 2016.

Accelerated Depreciation: Creates a three-year accelerated depreciation period for all solar equipment eligible for the business solar tax credit.

Poltical Context

This bill is supported by the Solar Energy Industries Association. /1/

Additional Links

/1/ Solar Energy Industries Press Release " McNulty, Camp introduce "Securing America's Energy Independence Act" to extend popular federal solar energy tax credits" January 18, 2007