Wyden introduces Clean Energy for America Act 

May 7, 2017 |

In Washington, Senate Finance Committee Ranking Democrat Ron Wyden (Ore.) and colleagues introduced a clean energy tax reform package that includes a proposal for a technology neutral tax credit designed to encourage the development and production of advanced and cellulosic biofuels.

Advanced Biofuels Business Council (ABBC) Executive Director Brooke Coleman said:

“The Council and its members appreciate Senator Wyden’s ongoing commitment to spurring innovation and U.S. investment in advanced biofuels and other clean energy sectors. The performance-based Clean Energy for America Act will create jobs and spur U.S. economic growth by rewarding innovation across a broad spectrum of energy sectors. The U.S. tax code has been an important part of energy investment and U.S. energy security for more than a century. The Clean Energy for America Act updates the Code to reflect 21st century challenges and priorities. The advanced and cellulosic biofuels sector produces the cleanest fuels in the world. Energy must be at the center of any effort to reform the U.S. tax code. We look forward to working with Senator Wyden and the almost two-dozen initial co-sponsors of the legislation.”

“RFA and its members are truly thankful to Senator Wyden for having the foresight and commitment to propose a clean energy package that encourages the development of a broad range of technologies to produce clean fuels in the U.S.,” said Renewable Fuels Association President and CEO Bob Dinneen. “By reforming the existing tax credit into a technology neutral incentive, it will help stimulate investment among a wider range of production technologies and help promote the growth of the second generation biofuels industry.

Brent Erickson, executive vice president of BIO’s Industrial & Environmental Section, stated, “BIO and its members appreciate Senator Wyden’s efforts to put together a technology neutral incentive that will stimulate investment and growth of biofuels and other forms of clean energy.

“The biobased economy and industrial biotechnology contribute greatly to the U.S. economy. Enacting long-term supportive tax policy will generate even greater domestic growth of this industry. Sustained, forward-looking policy will give technology developers and investors confidence in the market for clean energy.

“Targeted tax policies can enable emerging technologies in advanced biofuels, renewable chemicals, and biobased products to overcome the challenging capital environment for first-of-a-kind biorefinery construction and allow them to bring their technologies to commercial deployment. Moving forward we encourage Sen. Wyden, the Senate Finance Committee, and Congress also to develop and support tax incentives for renewable chemicals and biobased products and include them in any tax reform legislation.

Growth Energy CEO Emily Skor added, “We thank Sen. Wyden for his efforts to provide long-term tax certainty to advanced and cellulosic biofuels,” Skor said.

“Corn ethanol reduces greenhouse gas emissions by 43 percent, and under this legislation, credits are based on greenhouse gas reductions and are technology neutral. The bill also recognizes increased payments for improved emissions reductions and has a less complicated formula that does not discriminate against ethanol fuels.

“Ethanol is an advanced biofuel that Americans use every day, and it is moving our nation forward. Policies like those proposed in this legislation will pave the way for the continued growth of this clean-burning, environmentally friendly biofuel.”

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Category: Policy

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