WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV), a member of the Climate Solutions Caucus, released the following statement announcing her co-sponsorship of the Clean Energy for America Act, legislation that would reform the federal tax code to support clean and efficient energy and transportation.
“Clean energy expansion is crucial to creating future environmental and economic success in our country,” said Senator Rosen. “The Clean Energy for America Act encourages Americans to reduce our country’s greenhouse gas emissions by providing tax credits to those who are leading the way in clean energy. Now more than ever, it is vital that we invest in clean energy development in order to combat climate change and create clean energy jobs in our communities.”
BACKGROUND: The Clean Energy for America Act would promote long-term performance based energy tax incentives that are technology-neutral and encourage clean energy by:
- Providing a production tax credit (PTC) or an investment tax credit (ITC) to facilities that are at least 35 percent cleaner than average, with a maximum of a 2.4 cents per kilowatt hour PTC or a 30 percent ITC available for facilities with zero carbon emissions,
- Providing a tax credit for fuels that are at least 25 percent cleaner than average, with the maximum credit of $1 per gallon available for fuels with zero carbon emissions, and
- Providing a performance-based tax credit for energy efficient homes and tax deduction for energy efficient commercial buildings. The value of the tax credit would increase as more energy is conserved.
- Requiring projects that receive taxpayer assistance to comply with federal labor requirements, including payment of prevailing wages.
Senator Rosen is an original co-sponsor of the Electric Cars Act, legislation that would reduce America’s carbon emissions by fully extending the electric vehicle tax credit for 10 years and deploy electric vehicle charging infrastructure across the nation.
Last Congress, Senator Rosen co-sponsored a number of clean energy bills, including the bipartisan Public Land Renewable Energy Development Act of 2019 (S. 2666), the Renewable Electricity Standard (RES) Act of 2019 (S. 1974), the Electric Transportation Commission and National Strategy Act (S. 2040), the Clean Fuel Infrastructure Act (S. 2038), the Green Spaces, Green Vehicles Act (S. 2041), the Greener Transportation for Communities Act (S. 2039), the Renewable Energy Extension Act (S. 2289), and the Electric CARS Act of 2019 (S. 993).