- Associated Press - Thursday, December 17, 2015

ALBANY, N.Y. (AP) - A long-term extension of a major tax credit for solar power is in the works.

U.S. Sen. Charles Schumer announced Wednesday that the omnibus appropriations bill includes an extension of the full 30 percent federal solar tax credit for commercial and residential projects through 2019. The tax credit will be phased down to 26 percent in 2020, 21 percent for 2021, and 10 percent for commercial projects after 2021.

The solar investment tax credit, or ITC, was scheduled to drop from 30 percent to 10 percent for commercial projects after 2016.

Companies like Solar City in Buffalo also will be able to take advantage of a tax credit in the year construction begins on solar projects and not have to wait until they’re completed and placed in service.



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