U.S. Solar Companies Would Face Headwinds Under Senate Budget Plan; Storage Fairs Better

Tax attorney Nicole Elliott was quoted in a recent S&P Global article about how the proposed federal budget plan would impact the domestic solar energy industry. The U.S. Senate Finance Committee's proposal would accelerate the phaseout of federal tax credit support under the Inflation Reduction Act (IRA) for solar technology, while the bill put forth by the Republican majority in the House of Representatives would be even more restrictive. Ms. Elliott said she believes that although the Senate committee's approach is more workable, it would still create challenges for taxpayers.

"As you can imagine, there's a lot of work that goes into having taxpayers determine that percentage, and working with their suppliers to get that information is obviously a hurdle," she said. "It's important to remember that these tax provisions are inside a much bigger tax title, which is also inside a much bigger bill, and there are a number of things that could become sticking points."

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