Legislative update: Wyden announces clean energy bill | KPMG | US

Legislative update: Wyden announces clean energy bill

Legislative update: Wyden announces clean energy bill

Senate Finance Committee ranking Democrat Ron Wyden (D-OR) today released proposed legislation that would create incentives for clean energy and the promotion of new technologies.

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According information on the Finance Committee’s website, the “Clean Energy for American Act” includes provisions that would:

  • Extend through 2018, expired and expiring energy related provisions
  • Create technology-neutral “production tax credits” (PTC) and “investment tax credits” (ITC) for clean electricity technologies (the credit value would be scaled based on the carbon emissions of the electricity generated)
  • Create a technology-neutral tax incentive for the domestic production of renewable transportation fuels (incentive value would be based on the lifecycle carbon emissions of a given fuel)
  • Repeal the per manufacturer cap of 200,000 vehicles under the section 30D electric vehicle credit 
  • Create numerous energy efficient home incentives including a credit for energy-efficient new construction and retrofits as well as incentives for replacement of major heating and cooling systems
  • Create a performance-based incentive for increased energy efficiency in new construction and retrofits of  commercial buildings
  • Create a tax credit bond for facilities producing clean electricity or clean transportation fuels with the bond (available as a tax credit bond or a direct pay bond) being accessible to public power providers, electric cooperatives, and state, local, and tribal governments 

 

Senator Wyden’s office released documents relating to the draft—including legislative text [PDF 177 KB] a section-by-section discussion [PDF 205 KB] and a one-page summary [PDF 195 KB] the bill.

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