Amendment addresses clean transportation, electricity and energy efficiency
Washington, D.C. – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today filed an amendment to the American Energy Innovation Act that would address expiring energy tax policies by expanding incentives for clean transportation, electricity and energy efficiency.
“The Senate should not advance an energy package without addressing languishing energy tax policies, many of which have bipartisan support. We’re facing a climate emergency, but Big Oil continues to be showered with tax breaks while incentives for clean energy are held up again and again. My amendment would help reduce carbon emissions, lower electricity bills for American families and advance us down the path toward a clean energy future,” Wyden said.
The amendment would:
- Expand the per-manufacturer limit for electric vehicles to 600,000 and extend the credit for fuel cell vehicles through 2024.
- Extend the Production Tax Credit (PTC) and Investment Tax Credit (ITC) for wind, solar and other renewables.
- Expand the investment tax credit to include standalone energy storage, offshore wind and waste heat to power technology, and to provide parity for geothermal energy property.
- Permanently extend the deduction for energy efficient commercial buildings (recommended by Senate Finance Committee’s bipartisan taskforce).
- Update and extend the credits for energy efficient new homes through 2022 and the residential energy efficient improvements through 2024.
- Provide parity for renewable energy publicly traded partnerships.
Text of the amendment is available here.
A one-page summary is available here.
A section-by-section summary is available here.
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