Senate Tax Bill Would Disrupt $200 Billion Advanced Energy Market
WASHINGTON, D.C., Dec. 2, 2017 — Early today (about 2 a.m. ET), the U.S. Senate passed a tax package that directly impacts many advanced energy technologies. In response to its passage, AEE issued the following the statement:
“Despite the progress on reducing the corporate tax rate, the Senate tax package does great damage to the advanced energy industry, which is making significant energy investments right here in the United States. On the one hand, the Senate bill keeps the 2015 promise to maintain the phasedown of energy credits for wind and solar, which the House tax bill undermined, and maintains the important electric vehicle tax credit as well as authority for tax-exempt bonding. But the bill does not provide equal treatment for technologies like fuel cells, distributed wind, storage, combined heat and power, geothermal, and advanced nuclear, despite the interest of several Senators in doing so," said Malcolm Woolf, Senior Vice President of Policy for Advanced Energy Economy.
"The bill passed by the Senate also undercuts tax equity investment opportunities for wind and solar. We strongly oppose any legislation that risks billions of dollars in investment and hundreds of thousands of American jobs. We will continue to work with the Senate and House to ensure that the tax bill sent to the President is a pro-growth plan for an advanced energy industry that already employs more than 3 million people across our nation,” said Woolf.
“As Congress focuses on tax issues to address business growth, we would also encourage the House and Senate to stop attacks on competitive markets, such as the proposal now before FERC to charge electricity customers billions of dollars to bail out uncompetitive power plants. The proposed Perry Energy Tax, which is awaiting action by FERC on or before December 11, would undermine the advanced energy industry and drive up energy costs for consumers,” added Woolf.
About Advanced Energy Economy
Advanced Energy Economy is a national association of businesses that are making the energy we use secure, clean, and affordable. Advanced energy encompasses a broad range of products and services that constitute the best available technologies for meeting energy needs today and tomorrow. AEE’s mission is to transform public policy to enable rapid growth of advanced energy businesses. AEE and its State and Regional Partner organizations are active in 27 states across the country, representing more than 1,000 companies and organizations in the advanced energy industry. Visit AEE online at www.aee.net.