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Impact of Tax Policies on the Commercial Application of Renewable Energy Technology Hearing Committee on Science, Space, And IMPACT OF TAX POLICIES ON THE COMMERCIAL APPLICATION OF RENEWABLE ENERGY TECHNOLOGY HEARING BEFORE THE SUBCOMMITTEE ON INVESTIGATIONS AND OVERSIGHT JOINT WITH THE SUBCOMMITTEE ON ENERGY AND ENVIRONMENT COMMITTEE ON SCIENCE, SPACE, AND TECHNOLOGY HOUSE OF REPRESENTATIVES ONE HUNDRED TWELFTH CONGRESS SECOND SESSION THURSDAY, APRIL 19, 2012 Serial No. 112–78 Printed for the use of the Committee on Science, Space, and Technology ( Available via the World Wide Web: http://science.house.gov U.S. GOVERNMENT PRINTING OFFICE 74–058PDF WASHINGTON : 2012 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2104 Mail: Stop IDCC, Washington, DC 20402–0001 COMMITTEE ON SCIENCE, SPACE, AND TECHNOLOGY HON. RALPH M. HALL, Texas, Chair F. JAMES SENSENBRENNER, JR., EDDIE BERNICE JOHNSON, Texas Wisconsin JERRY F. COSTELLO, Illinois LAMAR S. SMITH, Texas LYNN C. WOOLSEY, California DANA ROHRABACHER, California ZOE LOFGREN, California ROSCOE G. BARTLETT, Maryland BRAD MILLER, North Carolina FRANK D. LUCAS, Oklahoma DANIEL LIPINSKI, Illinois JUDY BIGGERT, Illinois DONNA F. EDWARDS, Maryland W. TODD AKIN, Missouri BEN R. LUJA´ N, New Mexico RANDY NEUGEBAUER, Texas PAUL D. TONKO, New York MICHAEL T. MCCAUL, Texas JERRY MCNERNEY, California PAUL C. BROUN, Georgia TERRI A. SEWELL, Alabama SANDY ADAMS, Florida FREDERICA S. WILSON, Florida BENJAMIN QUAYLE, Arizona HANSEN CLARKE, Michigan CHARLES J. ‘‘CHUCK’’ FLEISCHMANN, SUZANNE BONAMICI, Oregon Tennessee VACANCY E. SCOTT RIGELL, Virginia VACANCY STEVEN M. PALAZZO, Mississippi VACANCY MO BROOKS, Alabama ANDY HARRIS, Maryland RANDY HULTGREN, Illinois CHIP CRAVAACK, Minnesota LARRY BUCSHON, Indiana DAN BENISHEK, Michigan VACANCY SUBCOMMITTEE ON INVESTIGATIONS AND OVERSIGHT HON. PAUL C. BROUN, Georgia, Chair F. JAMES SENSENBRENNER, JR., PAUL TONKO, New York Wisconsin ZOE LOFGREN, California SANDY ADAMS, Florida BRAD MILLER, North Carolina RANDY HULTGREN, Illinois JERRY MCNERNEY, California LARRY BUCSHON, Indiana DAN BENISHEK, Michigan VACANCY RALPH M. HALL, Texas EDDIE BERNICE JOHNSON, Texas SUBCOMMITTEE ON ENERGY AND ENVIRONMENT HON. ANDY HARRIS, Maryland, Chair DANA ROHRABACHER, California BRAD MILLER, North Carolina ROSCOE G. BARTLETT, Maryland LYNN C. WOOLSEY, California FRANK D. LUCAS, Oklahoma BEN R. LUJA´ N, New Mexico JUDY BIGGERT, Illinois PAUL D. TONKO, New York W. TODD AKIN, Missouri ZOE LOFGREN, California RANDY NEUGEBAUER, Texas JERRY MCNERNEY, California PAUL C. BROUN, Georgia CHARLES J. ‘‘CHUCK’’ FLEISCHMANN, Tennessee RALPH M. HALL, Texas EDDIE BERNICE JOHNSON, Texas (II) C O N T E N T S Thursday, April 19, 2012 Page Witness List ............................................................................................................. 2 Hearing Charter ...................................................................................................... 3 Opening Statements Statement by Representative Paul C. Broun, Chairman, Subcommittee on Investigations and Oversight, Committee on Science, Space, and Tech- nology, U.S. House of Representatives ............................................................... 24 Written Statement ............................................................................................ 26 Statement by Representative Paul Tonko, Ranking Minority Member, Sub- committee on Investigations and Oversight, Committee on Science, Space, and Technology, U.S. House of Representatives ............................................... 28 Written Statement ............................................................................................ 30 Statement by Representative Andy Harris, Chairman, Subcommittee on En- ergy and Environment, Committee on Science, Space, and Technology, U.S. House of Representatives .................................................................................... 33 Written Statement ............................................................................................ 35 Statement by Representative Brad Miller, Ranking Minority Member, Sub- committee on Energy and Environment, Committee on Science, Space, and Technology, U.S. House of Representatives ....................................................... 37 Written Statement ............................................................................................ 39 Witnesses: Dr. Molly F. Sherlock, Specialist in Public Finance, Congressional Research Service Oral Statement ................................................................................................. 41 Written Statement ............................................................................................ 44 Mr. John Parcell, Acting Deputy Tax Legislative Counsel U.S. Department of the Treasury Oral Statement ................................................................................................. 57 Written Statement ............................................................................................ 59 Dr. Michael Pacheco, Vice President, Deployment and Industrial Partner- ships, National Renewable Energy Laboratory Oral Statement ................................................................................................. 74 Written Statement ............................................................................................ 77 Discussion 83 Mr. Rhone Resch, President and CEO, Solar Energy Industries Association Oral Statement ................................................................................................. 92 Written Statement ............................................................................................ 95 Mr. Terry Royer, CEO, Winergy Drive Systems Corporation, Elgin, IL Oral Statement ................................................................................................. 107 Written Statement ............................................................................................ 109 Mr. Steven Erby, Vice President, Monolith Solar Associates, LLC, Rensselaer, NY Oral Statement ................................................................................................. 111 Written Statement ............................................................................................ 113 Dr. Benjamin Zycher, Visiting Scholar, American Enterprise Institute Oral Statement ................................................................................................. 115 Written Statement ............................................................................................ 117 (III) IV Page Dr. Margo Thorning, Senior Vice President and Chief Economist, American Council for Capital Formation Oral Statement ................................................................................................. 140 Written Statement ............................................................................................ 142 Ms. Lisa Linowes, Executive Director, Industrial Wind Action Group, Lyman, NH Oral Statement ................................................................................................. 158 Written Statement ............................................................................................ 160 Discussion 175 Appendix: Answers to Post-Hearing Questions Dr. Molly F. Sherlock, Specialist in Public Finance, Congressional Research Service ................................................................................................................... 188 Mr. John Parcell, Acting Deputy Tax Legislative Counsel U.S. Department of the Treasury ..................................................................................................... 192 Dr. Michael Pacheco, Vice President, Deployment and Industrial Partner- ships, National Renewable Energy Laboratory ................................................. 197 Mr. Rhone Resch, President and CEO, Solar Energy Industries Association .... 232 Mr. Terry Royer, CEO, Winergy Drive Systems Corporation, Elgin, IL ............. 253 Dr. Benjamin Zycher, Visiting Scholar, American Enterprise Institute ............. 256 Dr. Margo Thorning, Senior Vice President and Chief Economist, American Council for Capital Formation ............................................................................ 258 Ms. Lisa Linowes, Executive Director, Industrial Wind Action Group, Lyman, NH ......................................................................................................................... 260 IMPACT OF TAX POLICIES ON THE COMMERCIAL APPLICATION OF RENEWABLE ENERGY TECHNOLOGY THURSDAY, APRIL 19, 2012 HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON INVESTIGATIONS AND OVERSIGHT, JOINT WITH THE SUBCOMMITTEE ON ENERGY AND ENVIRONMENT, COMMITTEE ON SCIENCE, SPACE, AND TECHNOLOGY, Washington, DC. The Subcommittees met, pursuant to call, at 9:42 a.m., in Room 2318 of the Rayburn House Office Building, Hon. Paul Broun [Chairman of the Subcommittee on Investigations and Oversight] presiding. (1) 2 RALPH M. HALL, TEXAS EDD1E BERN1CE JOHNSON, TEXAS U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON SCIENCE, SPACE, AND TECHNOLOGY 2321 RAYBURN HOUSE OFFICE BUILDING WASHINGTON, DC 20515-6301 (202) 225-6371 Subcommittees on Investigations & Oversight and Energy & Environment Hearing Impact of Tax Policies on the Commercial Application ofRenewable Energy Technology Thursday, April 19, 2012 9:30 a.m. to 11 :30 a.m. 2318 Rayburn House Office Building ££nelI Dr. Molly F. Sherlock, Specialist in Public Finance, Congressional Research Service Mr.
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