Democrats Unveil Draft of GREEN Act that Includes Extending Biofuel Tax Credits

Excerpt from Office of Representative Mike Thompson (D-CA-05): Bill expands and creates new renewable energy tax incentives -- Today (November 19, 2019) House Ways and Means Subcommittee on Select Revenue Measures Chairman Mike Thompson (CA-05) and Committee Democratsreleased a discussion draft of the Growing Renewable Energy and Efficiency Now (GREEN) Act. This draft legislation is a comprehensive approach to tackling climate change by using the tax code to extend and expand renewable energy use and reduce greenhouse gas emissions.

“Estimates say that climate change will cost Americans more than $500 billion each year by the end of this century. We cannot afford to wait any longer to address this existential threat. Today I am proud to lead my colleagues in unveiling the GREEN Act, a comprehensive approach to addressing the threat of climate change through our tax code,” said Chairman Thompson.“This bill will build on existing tax incentives that promote renewable energy and increase efficiency and create new models for technology and activity to reduce our carbon footprint. I’ve long said that if we don’t address climate change, nothing else matters as we won’t have a planet to pass on to our next generation. The GREEN Act is a critical step forward in our fight to tackle climate change head on.”

“I applaud Congressman Thompson for leading the creation of this framework,” said Chairman Richard E. Neal (MA-01). “The climate crisis requires bold action, and I’m pleased that we’re using the legislative tools at Ways and Means’ disposal to create green jobs, reduce carbon emissions, and help heal our planet. We look forward to hearing from stakeholders to ensure this bill is effective in helping improve energy efficiency and eliminating carbon emissions.”

The GREEN Act extends current renewable energy tax incentives and creates new models to increase the use of green energy while reducing greenhouse gas emissions. The bill will:

Promote the use of green energy technologies and incentivize the reduction of greenhouse gas emissions through new and existing tax benefits,
Increase energy efficiency and green energy use in both residential and commercial buildings,
Support the use of zero-emission transportation and supporting infrastructure,
Invest in a green workforce through energy credits for manufacturers,
Advance environmental justice through tax credits for research and academic programs, and
Require the Treasury Department to analyze the feasibility of a price on greenhouse gas emissions, using the EPA’s Greenhouse Gas Reporting Program.

The GREEN Act was drafted in collaboration with members of the committee, including Representatives John Lewis (GA-05), Lloyd Doggett (TX-35), John Larson (CT-01), Earl Blumenauer (OR-03), Ron Kind (WI-03), Bill Pascrell (NJ-09), Danny Davis (IL-07), Linda Sanchez (CA-38), Brian Higgins (NY-26), Terri Sewell (AL-07), Suzan DelBene (WA-01), Judy Chu (CA-27), Gwen Moore (WI-04), Dan Kildee (MI-05), Brendan Boyle (PA-02), Don Beyer (VA-08), Dwight Evans (PA-03), Brad Schneider (IL-10), Tom Suozzi (NY-03), Jimmy Panetta (CA-20), Stephanie Murphy (FL-07), Jimmy Gomez (CA-34), Steven Horsford (NV-04). You can click here to read the discussion draft of the GREEN Act and click here to view a section-by-section of the legislation.

In addition, the GREEN Act discussion draft is supported by the following organizations: Alliance to Save Energy, American Biogas Council, American Council on Renewable Energy, American Public Power Association, American Wind Energy Association, Baseload Power Association, Biomass Power Association, Citizens' Climate Lobby, Electric Drive Transportation Association, Energy Storage Association, Environmental Defense Fund, Fuel Cell and Hydrogen Energy Association, League of Conservation Voters, National Hydropower Association, National Resource Defense Council, National Wildlife Federation, Sierra Club, Solar Energy Industries Association, Union of Concerned Scientists, and U.S. Green Building Council. READ MORE

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