CONGRESSMAN PANETTA REINTRODUCES BIPARTISAN AND BICAMERAL CLEAN ENERGY PRODUCTION PARITY ACT
Today, Congressman Jimmy Panetta (D-CA-20) along with Congresswoman Anna Eshoo (D-CA-18), Congresswoman Jackie Speier (D-CA-14), Congressman Brad Wenstrup (R-OH-02), and Congresswoman Jackie Walorski (R-IN-02), re-introduced bipartisan, bicameral legislation to spur investment in innovative new energy technology. The Clean Energy Production Parity Act would ensure tax parity for linear generators, a highly efficient clean energy technology comparable to fuel cells. Senator Rob Portman (R-OH) and Senator Sherrod Brown (D-OH) introduced the companion bill in the Senate.
“Highly efficient and clean burning linear generators can help us reduce our emissions and fight climate change. Unfortunately, our tax code does not incentivize the development and deployment of that type of innovative technology,” said Congressman Panetta. “My bipartisan Clean Energy Production Parity Act would provide the production of next-generation linear generators with the same tax benefits as similar technologies. It’s this type of tax incentive that could quickly lead to low-carbon grid and low-emission resilience, and encourage future linear generation innovation.”
“As we work to combat the climate crisis, incentivizing clean energy and innovation is more important than ever. I’m proud to introduce this bill with my colleagues to support the next generation of clean energy technology, developed in my congressional district at Stanford University. Linear generators are a low-emission alternative to diesel-based generators and will help make our power system cleaner and more reliable. Importantly, they should get the same tax incentives as similar technologies,” said Congresswoman Eshoo.
"As one of the nation’s foremost hubs for clean energy innovation, the Bay Area has long led the way in the fight against climate change. But we need an equitable tax code that allows emerging clean energy technologies to reach their full potential," Congresswoman Speier said. "The Clean Energy Production Parity Act updates the investment tax credit to ensure that linear generators, an exciting source of reliable and low cost energy, can compete on the open market without being unfairly penalized."
“Hoosiers know how to be good stewards of our environment and our economy, which is why Indiana is at the forefront of energy innovation,” said Congresswoman Walorski. “Our nation needs an all-of-the-above approach to energy production that includes both traditional and renewable energy sources. The bipartisan Clean Energy Production Parity Act will provide a commonsense update to the tax code to ensure it spurs investment in cutting-edge energy technologies.”
“We greatly appreciate the bipartisan support of Congressman Panetta and Representatives Walorski, Eshoo, Wenstrup, and Speier, in reintroducing the Clean Energy Production Parity Act. This important legislation modernizes the tax code for linear generators, a new clean energy technology accelerating the arrival of the reliable, affordable, zero-carbon electric grid of the future. Updating the code to include new, in addition to existing, clean energy technologies is essential to ensuring that energy tax policy supports U.S. innovation and leadership in a clean energy future,” Shannon Miller, Mainspring CEO and Founder
Linear generators are electromagnetic generators that convert linear motion into electricity from renewable energy resources. They can start quickly to provide backup power during emergencies and can be a critical component to microgrids.
The Clean Energy Production Parity Act would make linear generators eligible for the investment tax credit (ITC).
The Clean Energy Production Parity Act is included in the Growing Renewable Energy and Efficiency Now (GREEN) Act, legislation introduced by Ways and Means Committee members that would provide extensions and expansions to clean energy, clean vehicle, and energy efficiency tax credits.