Reed Introduces Technology-Neutral Tax Credit to Ensure America Regains Crown in Energy Innovation
Today, Rep. Tom Reed (NY-23) introduced the Energy Sector Innovation Credit Act to encourage the U.S. energy market to be technology-diverse, innovative and good for consumers.
“The United States is falling behind in energy innovation because the size and the complexity of the energy market stymies American ingenuity and entrepreneurship,” Tom said. “The Energy Sector Innovation Credit Act encourages cutting-edge energy technologies to break into the market, and it keeps government from picking winners and losers so all innovative, efficient energy technologies can succeed.”
The Energy Sector Innovation Credit Act:
“This tech-neutral tax credit will incentivize innovation across the board for new energy technologies,” Rep. Darin LaHood said. “Facilitating the expansion of cutting edge energy technologies into the marketplace in a fair and fiscally responsible way is aimed at providing a cheaper, more reliable energy portfolio. This new incentive will strengthen our country’s economic competitiveness, as well as reinforce our leadership in global energy innovation.”
"This Energy Sector Innovation Credit would bring the energy portion of the tax code back to the essentials by help cutting-edge technologies break into the market and upend the status quo without distorting the free market," ClearPath Action Executive Director Rich Powell said. "Congressman Reed's bill will help clean energy sector innovation be more like Silicon Valley: fast, disruptive, exciting and good for consumers."
By ensuring our energy innovation is fast, disruptive, cutting-edge and good for consumers, America can once again regain its crown as the world leader in energy technology.