Bipartisan legislation introduced on Monday by U.S. Rep. Vern Buchanan (R-FL) aims to help speed the rebuilding of critical energy infrastructure and help reduce costs for customers in disaster-stricken communities.
“After devastating hurricanes like Helene and Milton, Florida families are trying to rebuild, and high power bills are the last thing they need,” Rep. Buchanan said. “Our bill helps communities recover stronger and prepares Florida for the next hurricane season.”
The congressman cosponsored the Disaster Zone Energy Affordability and Investment Act, H.R. 7450, alongside bill sponsor U.S. Rep. Greg Steube (R-FL) and eight other original cosponsors, including U.S. Reps. Greg Murphy (R-NC), Suzan DelBene (D-WA), and Pat Harrigan (R-NC).
Specifically, H.R. 7450 would help electric utilities in federally declared disaster areas transfer select general business credit carryforwards to future years, helping communities recover faster and keep energy costs affordable in the wake of major storms, according to a bill summary provided by Rep. Buchanan’s office.
“The Disaster Zone Energy Affordability and Investment Act gives electric utilities the flexibility they need to restore service faster following major disasters while passing savings on to consumers,” said Rep. Buchanan. “By allowing electric utilities in disaster zones to transfer existing tax credits, this bill frees up capital to invest in recovery and repair damaged energy infrastructure.”
The legislation, which is supported by Florida Power & Light Company and Duke Energy, is the companion bill to the same-named S. 3605 introduced on Jan. 8 by U.S. Sens. Lindsey Graham (R-SC) and Maria Cantwell (D-WA) in the Senate.