Treasury investigating solar program that turns tax credits into cash grants
WASHINGTON — The Treasury Department's inspector general is investigating a popular stimulus program that allowed rooftop solar panel projects to turn tax credits into cash grants, according to a regulatory filing.
The Treasury's internal watchdog is looking at how the department managed the program and is searching for “possible misrepresentations” about the fair market value of solar systems that received grants, one large installer of solar panels said in its filing with the Securities and Exchange Commission.
The inspector general issued subpoenas to SolarCity Corp. and other big players in the market, working with the Justice Department's civil division, San Mateo, Calif.-based SolarCity said in its initial public offering filing last week.
The probe could fuel further criticism of President Obama's clean energy initiatives that have come under fire for spending taxpayer money on unproven companies, including Solyndra, a solar panel maker that went bankrupt last year after receiving more than $527 million under a separate government program.
Subscribe today! Click here for our subscription offers.
Show commenting policy
TribLive commenting policy
- N.Y. GOP lawmaker to plead guilty to federal tax fraud
- Judge says Ariz. sheriff’s challenge of immigration plan better left for Congress
- Georgia prosecutor Yates tapped for No. 2 post in Justice Department
- Milwaukee officer won’t be charged in fatal shooting
- Federal regulators pen rules for Cuba trade, tourism
- Bush officials gave CIA wide latitude on interrogation tactics
- NYC teenager a liar, not a penny stocks whiz worth $72M
- Use of U.S. steel to fix Alaska terminal causes rift with Canada
- California downpours arrive with lightning
- Airships are Army’s new eyes in the sky to detect, destroy missiles
- Ghostly snailfish found at record depth