One of the ways the White House encourages public participation in government is through online petitions. A recent petition caught our attention, and we’d like to encourage everyone to take a look and sign-on if you agree!
The petition is to extend a program aimed at companies which invest in new renewable energy projects. For many years, the federal government has offered a tax credit equal to 30% of the upfront investment amount for new renewable projects. For the past two years, though, investors have had the option of choosing a direct cash grant in lieu of the tax credit.
The direct cash grant specifically encourages investment by entrepreneurs and other new entrants into the marketplace, because it means you don’t have to have a lot of profits to benefit. (A tax credit is only beneficial to companies who owe taxes, and you only owe taxes if your income exceeds your expense!) Small renewable energy projects often don’t make profits for the first few years, as equipment is depreciated and start-up non-capital expenses are incurred; as a result, the tax credits can’t be used until several years later. The immediacy and certainty of the cash grant makes small renewable energy projects much more attractive to entrepreneurs.
This petition seeks to extend the cash-grant option for another two years. We urge you to sign on!
**Visit whitehouse.gov to create an account and sign the petition now!**