Senate Democrats Re-Introduce Legislation to Consolidate Renewable Energy Tax Credits into Emission-Based Incentives

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.

Wyden is the keynote speaker for the Novogradac 2021 Spring Renewable Energy and Environmental Tax Credits Virtual Conference, May 20-21.