Bloomberg Quotes John Marciano on House Tax Legislation’s Impact on Renewables
Bloomberg has quoted Akin Gump global project finance partner John Marciano in the article “Fossil-Fuel Friendly Tax Plan Spares Oil, Not Solar or Tesla” regarding new tax legislation introduced in the House of Representatives.
The article reports that the tax plan may be more advantageous for oil and gas companies than for solar developers or electric car buyers. A $7,500 tax credit for electric vehicle purchases is eliminated, for example, as is a credit for big solar and geothermal projects. That, according to the article, may make it harder for renewables to attract financing.
“Keep in mind this is just the first salvo in the tax reform fight," said Marciano. “This isn’t anywhere close to finished.”