Sen. Ron Wyden’s Clean Energy for America Act cleared the Senate Finance Committee. The bill would create a system of emissions-based incentives to create unprecedented growth in clean power, clean transportation and energy efficiency, as well as incentivize domestic manufacturing.
“EDF is pleased to see Sen. Wyden’s innovative legislation move forward. This plan would reset and reorient the tax code, putting a premium on clean power and clean transportation and leveling the playing field for all types of fuel. These policies are a cornerstone of President Biden’s urgently needed American Jobs Plan that will create jobs and put the country on a path toward net-zero climate pollution by 2050.
“We appreciate Sen. Wyden’s bold leadership, and thank all of his colleagues who voted to advance this bill forward.”
Among the bill’s highlights:
- Simplify the tax code by consolidating over 44 energy-related tax provisions into just three – clean electricity, clean transportation and energy efficiency.
- Provides an Investment or Production tax credit for zero-emission power sources until the electric sector has reduced emissions by 75% from 2021 levels.
- New Investment tax credits for transmission and standalone energy storage that would allow the grid to handle increasing amounts of clean energy.
- Additional incentives for building renewable energy sources in low-income communities, which have been disproportionately affected by fossil fuel pollution for generations.
- Refundable tax credits for consumers that purchase electric vehicles.
- Tax credits for charging infrastructure.
- New tax credits to reduce the cost of heavy and medium-duty electric vehicles.
- Tax credits to advance clean energy manufacturing.
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