Business

Solyndra got a favorable ruling from IRS

Tuesday, September 27, 2011

Solyndra, not only received a $500 million loan guarantee, it also got a favorable ruling from the IRS. According to "California Watch" -- a unit of the Center For Investigative Reporting -- the IRS decision gave Solyndra's customers a 10-percent tax deduction and it was later increased to 30 percent.

And the timing of the ruling, just weeks before getting the stimulus loan, raises questions about whether the White House pulled strings for Solyndra, at other agencies.

Also on Tuesday, a bankruptcy judge refused to extend the deadline for the sale of Solyndra's assets, now set to be auctioned off a month from now.

Solyndra's creditors argued it's not enough time to arrange financing, but the judge ordered Solyndra to find potential buyers who do have the money at a conference in Dallas next month.

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solyndra, IRS, california watch, business
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