Democrats on the Senate Finance Committee are poised on Wednesday to push through a bill stripping federal tax credits from the oil and natural gas industries.
Three Democratic U.S. senators introduced a measure on Wednesday to boost existing nuclear plants to a wide energy tax reform bill, after the Biden administration pushed for such a measure to help curb carbon emissions.
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With help from Kelsey Tamborrino, Anthony Adragna, Annie Snider and Ben Lefebvre.
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WASHINGTON– Senator Ben Cardin (D-MD) this morning filed a nuclear bailout amendment to the Clean Energy for America Act, a renewable incentive bill. Senators Bob Casey (D-PA and Sheldon Whitehouse (D-RI) joined as cosponsors, submitting the changes the day of scheduled markup by the Senate Finance Committee.
The amendment would provide a $15 per MWh refundable production tax credit (PTC) for existing merchant reactors. Based on the number of eligible reactors, the estimated cost to taxpayers in lost revenue would be $50.8 billion through 2030. This would make the proposed bailout for existing nukes as expensive as Finance Committee Chairman Ron Wyden’s proposed PTC for the new development of clean renewables .