So, are the extension and/or expansion of tax breaks forthcoming for the renewable energy industry? This is a possibility if draft legislation proposed by the House Ways and Means Committee is passed. The impetus driving the legislation is supporting and investing in technologies that combat climate change.
The proposed bill builds on existing tax incentives that promote renewable energy. Its goal is to increase efficiency and create new technologies that reduce our carbon footprint says Rep. and Chairman of WMC Mike Thompson (D-Calif.).
Good News for Electric Vehicles and Energy Generation and Storage
Proposed legislation extends renewable energy production and investment tax credits to a range of industries and educational programs. The transportation industry largely benefits from tax credits for electric vehicles for owners of both new and used cars. In addition, manufacturers of zero-emission commercial vehicles and buses will also benefit. Other benefactors include a tax credit for colleges and universities for creation of environmental justice programs.
Michael Brune, Executive Director of the Sierra Club, believes the legislation will create job growth in the clean energy sector plus lower emissions nationwide. Additional benefits according to Gregory Wetstone of the American Council on Renewable Energy are essential support for emerging markets like energy storage and offshore wind.
At this point the legislation is in the proposal phase and floor debate is pending. Time will tell what the final bill contains. Learn more at https://www.eenews.net/stories/1061592695