Congressman Panetta Introduces Bipartisan Bill to Spur Investment in New Clean Energy Technology
WASHINGTON, DC – Today, Congressman Jimmy Panetta (D-CA-20) along with Congresswoman Anna Eshoo (D-CA-18), Congresswoman Jackie Speier (D-CA-14), Congressman Steve Stivers (R-OH-15), Congressman Brad Wenstrup (R-OH-02), and Congresswoman Jackie Walorski (R-IN-02), introduced bipartisan, bicameral legislation to spur investment in innovative new energy technology. The Clean Energy Production Parity Act ensures production cost equity across electric energy technologies. Senator Rob Portman (R-OH) and Senator Sherrod Brown (D-OH) introduced the companion bill in the Senate.
"The United States must maintain its leadership in the research and development of clean energy technologies. The Clean Energy Production Party Act will spur investment in high efficiency, low emissions linear generators," said Congressman Panetta. "This next-gen, green technology creates reliable and low-cost energy with applications across myriad sectors. I am proud to introduce this commonsense, bipartisan legislation with my colleagues."
"The threat of climate change demands action from Congress to incentivize clean energy and innovation," Congresswoman Eshoo said. "This bipartisan, bicameral legislation extends a commonsense tax credit to the next generation of fuel cell technology, promoting energy efficiency and reducing harmful emissions. Linear generator technology was born in my district at Stanford and I’m proud to lead this legislation with my Bay Area colleagues."
"The Bay Area has led the way in developing new, sustainable energy solutions that are key to fighting climate change. But our tax code is improperly picking winners and losers in the energy market," Congresswoman Speier said. "This bill updates the investment tax credit so that the emerging technology of linear generators will have the ability to create jobs and compete on the open market without fear of being unfairly penalized."
"We need to focus on an all-of-the-above solution to our nation’s energy needs, and that requires the production of both traditional and renewable sources," Congressman Stivers said. "We must encourage that production and ensure that companies focused on innovation and development have a level playing field to compete on. The Clean Energy Production Parity Act is an important step in aligning the tax code with that goal."
"This simple technical update of the tax code would encourage investment in energy sources for innovators in our growing markets. This technology also shows promise for enhancing the energy resiliency component for our military," said Congressman Wenstrup.
Linear generation technology is not currently eligible for investment tax credits. This limits competition and inhibits clean energy research, development, and deployment.