Reed Champions “All of the Above” Energy Tax Changes
Energy technology credits included in larger tax package
WASHINGTON, DC- Congressman Tom Reed’s legislation, the Technologies for Energy Securities Act (H.R. 1090), was included as part of the larger tax reform bill passed by the House last week. As part of the comprehensive overhaul of our nation’s tax code, renewable and alternative energy sources will now be placed on an even playing field. This creates a simpler, fairer code that will jumpstart job creation in the industry, specifically in rural areas.
“I am a supporter of an ‘all of the above’ energy policy. Placing these new energy technologies on an even playing field will create good paying jobs for hard working people,” Reed stated. “This is a tax cut bill and a job creation bill and I am committed to helping folks in our region find work.”
The Tax Cuts and Jobs Act will bring back tax credits for investments in energy sources including: fiber-optic solar energy, fuel cells, combined heat and power systems, small wind, and thermal energy.
“Congressman Reed is appreciated for his leadership promoting economic fairness for the fuel cell industry,” said Andy Marsh, CEO for Plug Power. “Fuel cells are an American-made technology, and the industry prides itself in creating high-paying, high-skilled jobs, many from the Veteran community, in New York state and across the country. Congressman Reed’s efforts to solve the problems faced by American businesses is helping them continue to thrive and grow in a global marketplace.”
“We are tremendously grateful to Congressman Tom Reed and all of the cosponsors of his signature legislation to reinstate the Investment Tax Credit (ITC) and provide tax parity for clean technologies. His steadfast commitment to keep high-quality jobs in the US while protecting American-developed technology is recognized in the 23rd Congressional District, and on Capitol Hill. While this is first step in a long process, we look forward to working with Congressman Reed in advancing this important legislation that benefits New York and the rest of our country,” stated Morry B. Markowitz, President & Executive Director of the Fuel Cell and Hydrogen Energy Association.
“We appreciate Congressman Tom Reed’s work to include the geothermal tax credit extension in the newly released tax package. Geothermal heat pumps can reduce utility bills by up to 70 percent. Including H.R. 1090 in the tax bill will allow electric cooperative members to continue reducing their energy use while also bringing the tax credit for geothermal heat pumps back in line with other renewable production tax credits like wind and solar,” Jim Matheson, CEO of America's Electric Cooperatives added.