Geee Posted November 25, 2013 Share Posted November 25, 2013 National Review: San Mateo–based SolarCity Corporation, whose financial backers include prominent Obama supporters such as Al Gore and Tesla Motors CEO Elon Musk, has received millions of dollars in federal tax credits since 2008, despite posting a net loss of more than $300 million over that same period. Earlier this week, Senator Jeff Sessions (R., Ala.), ranking member on the Senate Budget Committee, sent a letter to U.S. Treasury secretary Jack Lew to express “concern that SolarCity might become the next Solyndra — a company propped on the back of the taxpayers, not the product produced.” Sessions cited investigations by the Treasury inspector general and the IRS into whether SolarCity and other solar-panel firms had misrepresented the fair-market value of their products — by as much as 50 percent — in order to receive larger tax credits for investors (the higher the market value, the higher the tax credit). Sessions’s letter also expressed concerns about SolarCity’s ability to survive in the absence of those subsidies, which are scheduled to be cut by two-thirds beginning in 2017. Link to comment Share on other sites More sharing options...
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