Introduction Of The Renewable Energy Transferability Act
Madam Speaker, the climate crisis we face is one of the most important challenges of our time. There has been a lot of alarming news--the last four years were the hottest years on record, and we are seeing more and more extreme weather…
Madam Speaker, the climate crisis we face is one of the most important challenges of our time. There has been a lot of alarming news--the last four years were the hottest years on record, and we are seeing more and more extreme weather events devastate our communities. However, one of the success stories that we've seen in our efforts to combat climate change is the growth in renewable energy, particularly among wind and solar energy.
Today Representative Darin LaHood and I are introducing the Renewable Energy Transferability Act to increase the deployment of renewable energy resources by making them transferable. This bipartisan legislation allows any entity involved in a renewable energy project to make a transfer after the due date of return (including extensions) of the Production Tax Credit and the Investment Tax Credit on a limited basis.
These two tax credits are some of the most successful renewable energy policies on the books, yet they have been hampered by requiring their beneficiaries to enter into complex tax arrangements. Transferability will allow these credits to reach a wider base of investors, expanding the deployment of renewable energy and lowering carbon emissions for consumers.
At a time of unprecedented climatic changes and public calls for action, Congress must act. While this legislation can only play part of a role in helping address the climate crisis, it takes an important step in assisting a key industry. I look forward to working with my colleagues on both sides of the aisle to pass the Renewable Energy Transferability Act into law.