DOVER, Del. (AP) — Private equity funds that control Solyndra LLC could reap more than $340 million in tax breaks after the failed solar power company emerges from bankruptcy.
Attorneys for Solyndra filed court documents this week estimating the company's net operating loss carry forwards at between $875 million to $975 million.
If Argonaut Ventures I LLC and Madrone Partners LP generate an equal amount of income from future business operations, they could use those operating losses to cut their federal income tax bill by up to $341 million.
Solyndra's filing came after the Energy Department and the Internal Revenue Service objected to the description of its reorganization plan because information about the tax breaks was lacking.
Solyndra received a $528 million loan from the Obama administration before seeking bankruptcy protection last year.