08 Jan Energy Sector Innovation Credit Act of 2019 Important for Energy Innovation and Deployment in Energy and Environment
BPC Action applauds Rep. Reed (R-NY), Panetta (D-CA), and their bipartisan colleagues for introducing the Energy Sector Innovation Credit Act of 2019.
The U.S. needs increased innovation for economic growth, emission reduction, and global competitiveness. This bill is a step towards increasing vital energy innovation and deployment.
Tax provisions designed to benefit specific energy technologies or resources have been part of the U.S. tax code for decades. The Reed bill is notable because it will create technology-neutral production and investment tax credits to incentivize the deployment of “first-of-a-kind” clean energy technologies on the electric grid. Further, this bill includes a natural ramp-down based on total percentage of national electricity generation, thus supporting innovation without fostering dependence on public financial support. The Reed bill will allow federal investment to spur innovation and help to advance the deployment of the technologies of tomorrow.
BPC Action looks forward to working with Congress to pass this important bill on a bipartisan basis and improve the efficient deployment of energy technologies.