Posted on Jan 08, 2020
Today, the Energy Sector Innovation Credit Act was introduced by Representatives Tom Reed (R-N.Y.), Jimmy Panetta (D-Calif.), Darrin LaHood (R-Ill.), Tom Suozzi (D-N.Y.), David Schweikert (R-Ariz.) and Josh Gottheimer (D-N.J.).
“Our climate is changing. There is no denying this,” Rep. Tom Reed said. “We must unleash the greatest asset we have available to prevent this pending crisis – the power of American ingenuity and innovation. This tactic has proven time and time again to solve world problems – and this situation will be no different. By offering a tax incentive for new energy technologies we will increase energy on the grid, ensure unneeded energy is not financially rewarded and thus unnecessarily produced, help cutting-edge technologies break into the market, incentive older energy sources to innovate and slash global emissions.” View the full press release from Rep. Tom Reed’s communications office.
In support of the bill, NECA’s CEO, David Long, released the following statement:
“NECA supports a comprehensive energy policy, and I applaud Reps. Reed, Panetta and the rest of their bipartisan colleagues for initiating this important bill. Modernizing our nation’s energy policy consists of incentivizing clean and renewable energy sources and promoting the development of energy storage technologies. The Energy Sector Innovation Credit does just that. By facilitating tax reform that is technology-neutral, cutting-edge technologies will be able to break into the market, creating innovative solutions and resources for Americans. I firmly believe innovation is essential in providing a better experience for both NECA members and the lives and communities they empower every single day.”
- David Long, Chief Executive Officer, National Electrical Contractors Association (NECA)
- Helps cutting-edge technologies break into the market.
- Naturally phases down the tax credit as each technology becomes commercially viable.
- Brings new technologies to the market to quickly and cheaply reduce global emissions.
- Ensures the United States remains a leader on clean energy technology development and deployment.
- Leverages new private investment in budding clean technologies through a tech-neutral approach.
- Southern Company
- ClearPath Action
- United States Energy Association
- American Public Power Association
- Bipartisan Policy Center
- Citizens for Responsible Energy Solutions
- Clean Air Task Force
- Energy Storage Association
- The United States Nuclear Industry Council (USNIC)
- National Electrical Contractors Association
- Information Technology and Innovation Foundation
- Nuclear Energy Institute
- National Rural Electric Cooperative Association