PLATTSBURGH — North Country Congresswoman Elise Stefanik is introducing legislation aimed at addressing incentives for renewable energy.
The Renewable Electricity Tax Credit Equalization Act is legislation to extend tax credits for investments in qualified renewable energy production, including closed-loop biomass, open-loop biomass, geothermal, municipal solid waste, qualified hydropower, and marine and hydrokinetic, according to a news release from Stefanik (R-Schuylerville).
The bill also equalizes the treatment of renewable technologies by eliminating the arbitrary 50 percent reduction of the production credit for these baseload technologies.
Stefanik is introducing the legislation along with Congressman Scott Peters (D-CA).
“I’m proud to introduce this legislation to stop the federal government from picking winners and losers among renewable energy production and to incentivize the utilization of clean renewable energy to bolster both our economy and environment,” Stefanik said.
"Unfair tax policies have hampered efforts to work toward a clean energy future for far too long, and I’m proud to lead the effort to ensure equal treatment from the government within renewable energy production. This bipartisan bill will benefit our workforce, economy, and environment for many years to come.”
While extensions have been provided for various renewable technologies, tax incentives for electricity produced from closed-loop biomass, open-loop biomass, geothermal, municipal solid waste, qualified hydropower facilities and marine and hydrokinetic facilities have now been expired for the last two years.
These renewable baseload technologies that were left behind play an indispensable role in maintaining a reliable and functioning electrical grid system, while also supporting the integration of additional wind and solar electricity into the grid, the news release said.
Stefanik added that the Renewable Electricity Tax Credit Equalization Act levels the playing field and provides the certainty to spur necessary investments in clean energy.
This legislation: Extends both the production tax credit and the election to take the investment tax credit to be available for qualified facilities on which the construction begins before 2025; equalizes the treatment of renewable technologies by eliminating the arbitrary 50 percent reduction of the PTC for these technologies.