By a vote of 81-19, the U.S. Senate has approved the tax package that includes a one-year extension of the Department of Treasury's Section 1603 program. Solar Energy Industries Association (SEIA) President and CEO Rhone Resch praised the Senate for its decision.
‘With bipartisan leadership from Sens. Cantwell, Feinstein, Ensign and LeMieux, the Senate made clear today that it is serious about protecting American jobs,’ Resch said in a statement. ‘Since its passage, the 1603 program has successfully created jobs and opportunity in all 50 states for construction workers, electricians, plumbers and contractors that have struggled during this difficult economic climate.’
Senate Majority Leader Harry Reid, D-Nev., who has criticized some components of the bill, noted that he considers the extension of the Section 1603 program crucial.
‘I am so pleased to have added an essential energy tax cut provision that could create more than 2,500 clean energy jobs across the state – an important step to ensuring Nevada leads the nation in renewable energy,’ Reid said in a statement.
The legislation will now be considered by the House, which is expected to bring the bill to the floor later this week, the New York Times reports.
For in-depth analysis of how the extension of the Section 1603 program will affect solar project finance, click here.