From Georgia Solar Energy Association
WHO: Georgia Workers
WHAT: HB 146 – a bill to increase the current Incentive Tax Credit on renewable energy investment from $2.5 million to $10 million per year under the oversight of the Georgia Environmental Finance Authority (GEFA) while mitigating the effects on the state budget with the requirement that the credit be taken in equal parts over four years
More than 120 solar installation projects were lost in 2010 due to financing or regulatory issues, a loss of over $15.6 million in revenue to solar employers and a loss of approximately $765,000 in sales tax revenue. If solar installers go out of business, the state risks further loss through payroll taxes up to an additional $1.3 million.
WHEN: March 21 (AKA “Crossover Day”) – HB 146 must pass the House by this date to assure passage in the 2011 General Assembly session
WHERE: House Ways and Means Committee
WHY: See attached fact sheet on the solar industry in Georgia. Without this modest encouragement from the state, Georgia risks not only losing opportunities to attract new, long-term, skilled jobs to help rebuild its economy, the state also may lose additional existing jobs. Already proven as a job generator, the tax credit will do more than create well-paid, permanent employment opportunities; it will also help Georgia create an infrastructure that reduces its dependence on foreign oil and could help save precious water resources.
FOR MORE INFORMATION
OR INTERVIEWS WITH SOLAR INDUSTRY EXPERTS
CONTACT:
Julie Hairston, Communications Director, 404-273-2039, juliehairston@comcast.net
Joy Kramer, Director of Programs, 404-274-0068, Joy.kramer@gasolar.org
[...] Solar advocates say the tax credit is needed to keep up momentum for Georgia’s small but growing solar energy industry. In addition to a couple of new manufacturing facilities, Georgia is home to a score of solar installers, whose work became more affordable while the the four-year-old credit was in effect. [...]
Although HB 146 is a step in the right direction, the state of Georgia will still be behind the curve regarding tax incentives for renewable energy. More state incentives i.e. Solar, Wind, Biomass, etc. energy initiatives will translate into increased tax revenues from business and individual taxpayers (more jobs) that will more than compensate the state’s budget for the incentives.