Dive Brief:
Sen. Ron Wyden, D-Ore., on Wednesday introduced a bill that would eliminate tax breaks for fossil fuels and create new incentives for zero-emissions energy resources.
The policy is technology-neutral and would create tax incentives for resources that emit zero or net-zero emissions, while providing a 30% investment tax credit for qualifying grid improvements like energy storage and transmission. It also increases the electric vehicle tax credit for commercial vehicles to 30% of the vehicle s purchase price.
Wyden s bill complements President Joe Biden s efforts to eliminate fossil fuel subsidies, and proposals by the administration to extend tax credits for wind and solar power, while creating new credits for energy storage, transmission and other resources.
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Wednesday, April 21, 2021 - 2:00pm
Sen. Ron Wyden, D-Ore., and 24 Democratic senators introduced legislation to consolidate current energy tax incentives into emissions-based incentives that would be available to all energy technologies that meet emissions reduction goals. The Clean Energy for America Act would create a production tax credit of up to 2.5 cents per kilowatt hour or an investment tax credit of up to 30% for any new zero-emissions facility. Capital grid improvements would also qualify for the investment tax credit. Similar bills were introduced in two previous sessions of Congress, but this bill includes stricter requirements to receive incentives, provides the option to claim the tax credits as direct payments and more. The Senate Finance Committee released a one-page summary and section-by-section summary of the legislation.