Let's get ready to rumble.
Bloomberg (6/25/20) reports: "Nearly 50 House Democrats yesterday introduced a long-awaited package of clean energy tax incentives to accelerate wind, energy, and other low-emission energy sources, Dean Scott reports. The Growing Renewable Energy and Efficiency Now Act (H.R. 7330) is endorsed by dozens of clean energy and environmental groups and would extend federal tax incentives for wind and solar production and resurrect tax credits for zero-emission battery vehicles. Its sponsor is House Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (D-Calif.), The legislation also would allow so-called 'direct payments' from the U.S. Treasury for renewable energy and carbon capture and storage projects, essentially a cash advance to companies now instead of waiting for future tax credits. It would also extend the tax credit for carbon dioxide capture and storage, allowing oil and gas companies that use carbon dioxide for oil and gas recovery to get credit for projects as long as they begin construction before the end of 2025. The bill also would extend the 30% investment tax credit for solar projects to the end of 2025 followed by a roughly two-year phasedown. A 60% production tax credit for wind would be extended through the end of 2025."
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"Despite the challenges of the COVID-19 pandemic, America's oil and gas companies have what it takes to fuel the country's economic recovery. Policymakers can help the industry by containing the outbreak and restarting the economy. Once that happens, energy markets will take care of themselves."
– Kevin Moony, Real Clear Energy
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