Bloomberg Quotes Greg Jenner on Obstacles Facing Renewables from the IRS, Tax Reform and Trump Administration: Media Coverage

Back to Legal Insights
Back to Legal Insights

Tax attorney Greg Jenner has been quoted a number of times recently in Bloomberg publications about the obstacles, existing and potential, facing the renewable energy industry from such sources as the IRS, President Trump and his administration, and members of Congress working on the most recent efforts at tax reform.

Following is a summary of recent media coverage of these topics for which Jenner has been a source:

Lack of IRS Solar Tax Credit Guidance Clouds New Projects

In their Daily Tax Report®, Bloomberg BNA explained how a lack of clarification by the IRS of “beginning of construction” requirements, enacted in 2015 as part of a multiyear phasedown of the solar investment tax credit (ITC), is delaying multi-million dollar projects because developers are unsure how to calculate the credit into their capital planning.

There is speculation in the industry over whether the IRS solar ITC guidance will mirror that for the wind industry’s production tax credit (PTC), for which the agency issued its latest guidance in January.

“But again we are guessing, Jenner said. “We don’t know for sure.”

Published by Bloomberg BNA, September 25, 2017. The full article can be found here.

Trump Has a Plan to Save Coal and Hobble Clean Energy

BloombergPolitics reported on two initiatives pending in Washington, one in which the Federal Energy Regulatory Commission would act to help coal and nuclear plants compete in wholesale power markets and another that would potentially impose tariffs on products, such as solar cells, modules and panels, whose import from foreign sources has caused “serious injury” to U.S. manufacturers.

As well as the possibility of a tariff, the article discusses possible negative impacts of tax reform on renewable energy, including a reduction in the corporate tax rate, which might make tax-equity financing—an important source of financing for wind and solar developers—less attractive.

“I don’t see any benefit for renewables in tax reform,” Jenner said.

Published by BloombergPolitics, October 2, 2017. The full article can be found here.

More information on the two initiatives can be found at our Renewable + Law® blog, here and here.

U.S. Tax Reform Would Leave Renewable Energy Out in the Cold

BloombergMarkets reported how broad reform of the tax code, as well as reducing the corporate tax rate as discussed above, may also lead to pricier debt to fund new power projects and lower savings from depreciation—all of which would potentially disrupt the economics of clean energy projects. Additionally, there is concern that the ITC and PTC, instead of being phased down over several years, may be terminated by Congress to boost revenue to offset a tax cut.

“They’re going to look under every rock for revenue,” Jenner said “Even the possibility of that will have a chilling effect on the marketplace.”

Published by BloombergMarkets, October 3, 2017. The full article can be found here.

Key Contributors

See all contributors See less contributors
Saved Pages

Use the arrows to arrange content.  Download pages as a .pdf file or share links via email..

{{ item.Title }} {{ item.AttorneyPosition }}, {{ item.AttorneyLocation }} , C. {{ item.AttorneyCell }} , P. {{ item.AttorneyPhone }} , F. {{ item.AttorneyFax }} {{ item.TypeText }} Remove
You have no pages saved
            {{ state | json }}