Stefanik’s bipartisan bill extends tax credits for renewable energy investments

U.S. Rep. Elise Stefanik (R-NY) on Aug. 13 introduced bipartisan legislation to modify both the credit for electricity produced from certain renewable resources and the investment tax credit (ITC) for certain qualified investment credit facilities. 

“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,” Rep. Stefanik said. “This bipartisan bill will benefit our workforce, economy, and environment for many years to come.”

The congresswoman sponsored the Renewable Electricity Tax Credit Equalization Act, H.R. 4186, with U.S. Rep. Scott Peters (D-CA) 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 bill summary provided by her office.

If enacted, H.R. 4186 would extend the production tax credit (PTC) and the election to take the ITC that would be available for qualified facilities where construction would start before 2025, according to the summary.

H.R. 4186 also would equalize the treatment of renewable technologies by eliminating a 50-percent reduction of the PTC for such baseload technologies.

“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,” said Rep. Stefanik on Wednesday. 

The National Hydropower Association, the Biomass Power Association, and the American Biogas Council earlier this week voiced support for H.R. 4186, which has been referred for consideration to the U.S. House Ways and Means Committee.