Senate Democrats push tax code overhaul to streamline clean energy incentives

Sen. Ron Wyden, D-Ore., and more than two dozen other lawmakers introduced legislation on Thursday to "overhaul" the federal energy tax code by consolidating 44 energy incentives into three technology-neutral provisions intended to promote energy independence and a low-carbon economy. The measure calls for a production tax credit (PTC) or an investment tax credit (ITC) for resources that are least 35% cleaner than average. Zero carbon facilities would be eligible for a maximum $0.024/kWh PTC or a 30% ITC while fossil fuel tax incentives would be repealed. There is broad support for the legislation from the clean energy industry, including groups advocating for solar, wind, energy storage and electric vehicles. But the bill lacks Republicans sponsors and the Competitive Enterprise Institute (CEI) calls it a wealth transfer to the detriment of fossil fuel resource-rich states.

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