House Democrats unveiled a major green tax package on Thursday, which offers tax incentives for renewables, electric vehicles and a host of other green companies.
“This bill uses our tax code to expand renewable energy deployment by expanding and expanding federal tax incentives to promote clean energy technologies and support the widespread deployment of zero-emission vehicles. All this is an investment in the creation of new models of efficiency and emissions to reduce our carbon footprint ”, Rep. Mike ThompsonCharles (Mike) Michael Thompson Hill’s coronavirus report: BIO’s Michelle McMurry-Heath says 400 projects started in 16 weeks at biotech companies to fight the virus, total pandemic unemployment exceeds 43 million The control group of Arms deploys the backing of the house says that most of today’s political leaders do not act urgently; Others developing the ‘Rooseveltian’ aid package MORE (D-Calif.), The main sponsor of the bill, said in a statement.
“And it is a down payment on our work to tackle climate change and pass on a better world to our children and grandchildren,” he added.
The legislation would extend several tax exemptions to renewable energy, including the production tax credit and the investment tax credit.
It would also expand the electric vehicle tax credit and create new tax credits for buyers of used electric cars and manufacturers of commercial vehicles and emission-free buses.
In addition, it would create a college and university tax credit for environmental justice programs. And it would order the Treasury Department to analyze the feasibility of setting a price for carbon dioxide emissions, using data from the Environmental Protection Agency.
House Democrats have also included similar tax exemptions for renewable energy in a $ 1.5 billion infrastructure package unveiled earlier this week.
Lawmakers on both sides of the aisle have called for help for the renewable energy industry. More than 600,000 clean energy jobs, including nearly 100,000 jobs in renewable energy generation, have been lost since the onset of the coronavirus pandemic.