Danish bank: Wind industry should be concerned about US tax reform

The US Senate is currently drafting a new tax reform and it could prove costly for the wind industry.

Big expenses could be inflicted on wind players like Vestas, as the US Senate will try to implement a new tax with the aim of stopping companies from moving their proceeds and jobs out of the US.

"The likelihood has grown significantly of a serious slowdown in the Vestas order intake from the US in the short term. Unlike the proposal from the House of Representatives, the Senate's proposal contains no direct reduction of the PTC credit for wind power. However, the proposal includes a new tax called BEAT which, according to several media (and apparently unintentionally), could have negative consequences for the wind industry," writes Jacob Pedersen, the head of shares at Danish bank Sydbank, in an analysis Friday morning.

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