Tech-neutral tax credit to incentivize new clean energy sources
WASHINGTON — Reps. Tom Reed (NY-23), Jimmy Panetta (CA-20), Darrin LaHood (IL-18), Tom Suozzi (NY-3), David Schweikert (AZ-6) and Josh Gottheimer (NJ-5) introduced the Energy Sector Innovation Credit Act to encourage U.S. energy market innovation and ensure future generations have clean air to breath and clean water to drink.
“Our climate is changing. There is no denying this,” Rep. Tom Reed said. “We must unleash the greatest asset we have available to prevent this pending crisis — the power of American ingenuity and innovation. This tactic has proven time and time again to solve world problems — and this situation will be no different. By offering a tax incentive for new energy technologies we will increase energy on the grid, ensure unneeded energy is not financially rewarded and thus unnecessarily produced, help cutting-edge technologies break into the market, incentive older energy sources to innovate and slash global emissions.”
The Energy Sector Innovation Credit Act:
Helps cutting-edge technologies break into the market.
Naturally phases down the tax credit as each technology becomes commercially viable.
Brings new technologies to the market to quickly and cheaply reduce global emissions.
Ensures the United States remains a leader on clean energy technology development and deployment.
Leverages new private investment in budding clean technologies through a tech-neutral approach.
“The key to tackling climate change is American innovation, not through burdensome regulations and tax hikes,” said Rep. Kevin Brady. “We also know that any solution must be bipartisan, and I want to applaud Tom for leading the charge on this bill, reaching across the aisle to build consensus and support. I look forward to continuing our work together to advance policies that support American innovation, lower energy costs, and continue to drive our economy.”
“Protecting our environment and improving energy efficiency are issues that everyone, Republicans and Democrats, can come together on,” said Rep. Josh Gottheimer. “I am proud to support this crucial legislation which will lower taxes for wind, solar, and other alternative energy innovators and provide them with incentives to utilize green, efficient, and cutting-edge technology. We need an all-of-the-above approach, focusing on every option that can approve energy efficiency for our country.”
“I am pleased to be part of this bipartisan effort to responsibly spur energy innovation in the United States,” said Rep. David Schweikert. “The Energy Sector Innovation Credit is an economically responsible credit that will help emerging technologies enter the marketplace, increasing our dominance and competitiveness in the energy sector. This is a great step towards promoting investment into new energy technology and strengthening our economy in doing so.”
“This tech-neutral tax credit will incentivize innovation across the board for new energy technologies,” Rep. Darin LaHood said. “Facilitating the expansion of cutting-edge energy technologies into the marketplace in a fair and fiscally responsible way is aimed at providing a cheaper, more reliable energy portfolio. This new incentive will strengthen our country’s economic competitiveness, as well as reinforce our leadership in global energy innovation, and I am pleased to join this bipartisan group to introduce this legislation.”
Supporters of the Energy Sector Innovation Credit include:
¯ Southern Company
¯ ClearPath Action
¯ United States Energy Association
¯ American Public Power Association
¯ Bipartisan Policy Center
¯ Citizens for Responsible Energy Solutions
¯ Clean Air Task Force
¯ Energy Storage Association
¯ The United States Nuclear Industry Council (USNIC)
¯ National Electrical Contractors Association
¯ Information Technology and Innovation Foundation
¯ Nuclear Energy Institute
¯ National Rural Electric Cooperative Association