Should the US government incentivize renewable energy via tax credits?
Bill Summary
The Growing Renewable Energy and Efficiency Now (GREEN) Act extends tax credits for clean energy, like solar and wind, for carbon capture technology, and for other means of transitioning the United States' economy green. H.R. 848 builds upon benefits that were temporarily granted to renewable energy by the stimulus package in December 2020.
Sponsor: Rep. Mike Thompson (Democrat, California, District 5)
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Opponents say
• "Targeted tax credits have become a popular way for government to award special treatment and artificially attract private-sector interest to politically favored and well-connected industries. In short, they’re nothing more than subsidies doled out through the tax code. Not only is this fiscally irresponsible, but Congress also does no service to these energy technologies and companies in the long run by subsidizing them." Source: Katie Tubb The Heritage Foundation
• "There is no doubt that overly generous tax credits have enabled wind and solar power to grow. However, this growth has pushed out other electricity sources, especially coal, that are superior in many ways to wind and solar, but do not receive huge tax breaks… These tax credits were intended to be temporary, but Congress keeps extending them… Enough is enough." Source: Chris Hamilton WV Coal Association
• "There is no doubt that overly generous tax credits have enabled wind and solar power to grow. However, this growth has pushed out other electricity sources, especially coal, that are superior in many ways to wind and solar, but do not receive huge tax breaks… These tax credits were intended to be temporary, but Congress keeps extending them… Enough is enough." Source: Chris Hamilton WV Coal Association
Proponents say
• "Investing in renewable energy technologies and creating programs to reduce our carbon footprint will help us add good, green jobs to the American workforce as we combat the climate crisis and dig our economy out of the COVID-19 downturn…. Workers must be at the center of a transition to a green economy, and this bill will help our country better prepare for the needs of the future." Source: Congressman Richard E. Neal (Democrat, Massachusetts, District 1)
• "Clean energy tax incentives are one of the best policy options in America’s toolbox when it comes to advancing clean energy and bringing about cleaner air, cleaner water, and a more stable climate. Tax credits have driven progress across the spectrum of clean energy technologies for more than a decade, so reinvesting in this tried-and-true mechanism just makes sense." Source: Ben Sonnega Spokesperson for Environment America
• "Clean energy tax incentives are one of the best policy options in America’s toolbox when it comes to advancing clean energy and bringing about cleaner air, cleaner water, and a more stable climate. Tax credits have driven progress across the spectrum of clean energy technologies for more than a decade, so reinvesting in this tried-and-true mechanism just makes sense." Source: Ben Sonnega Spokesperson for Environment America
- House Democrats Reintroduce Green Energy Tax Package (The Hill)
- Biden Squeezed Between Promises to Go Green and Bolster Unions (Politico)
- Democrats to Push Clean-Energy Tax Breaks in Infrastructure Plan (Bloomberg)
- Tesla To Get Access To $7,000 Tax Credit On 400,000 More Electric Cars In The US With New Incentive Reform (Electrek)
