We need a balanced approach to reduce our dependence on fossil fuels and foreign oil. This means investing in clean, renewable energy. Doing so will help develop a new sector in our economy, and address the growing challenges of climate change. It’s urgent that we take meaningful steps now to begin the transformation to an economy based on clean and renewable energy sources for the security and health of future generations.
I worked with my colleagues to draft the GREEN Act which was included in the Moving Forward Act that passed the House of Representatives in July. The GREEN Act is part of a comprehensive approach to combating climate change using the tax code to incentivize renewable energy use and reduce greenhouse gas emissions. This bill would extend and expand several tax incentives to promote renewable energy sources and reduce our emissions. The bill would extend the production tax credit till 2024, allowing energy producers to claim a tax credit for electricity produced from renewable energy sources. The bill would also extend the investment tax credit, allowing taxpayers to claim a credit of up to 30% of the cost of the qualified energy property. Lastly, the bill would extend and expand the tax incentives for electric vehicles.