On September 22 of 2015, Senate Democrats introduced a comprehensive energy reform bill entitled “The American Energy Innovation Act” that would reform current energy policy and enhance over forty tax incentives subsidizing energy production.
The legislation addresses the need for the creation of new energy based jobs in connection to both infrastructure advancements and technological innovation. As a synopsis, the bill includes programs essential to renewed economic growth in the energy sector that empower consumers; modernize infrastructure; cut carbon pollution and waste; invest in clean energy; and support research and development initiatives.
The tax aspects of the legislation would modify several energy tax incentives already in place, including but not limited to: the Clean Fuel Production Tax Credit; the Energy Efficient Homes Tax Credit; the Energy Efficient Commercial Buildings Tax Credit; Clean Energy Bonds; a clarification of oil sands as crude oil for Excise Tax purposes; and a repeal of tax incentives for major integrated oil and gas companies.
A copy of The American Energy Innovation Act can be downloaded for your reference at:
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