Chairman of the House Ways and Means Subcommittee on Select Revenue Measures Mike Thompson, D-Calif., and the entire Democratic membership of the committee have introduced the Growing Renewable Energy and Efficiency Now (GREEN) Act.
The bill, first introduced in June 2020, is a comprehensive use of the tax code to combat the threat of climate change. The legislation would expand the use of renewable energy to help reduce greenhouse gas emissions.
“Climate change is the most pressing issue of our time, and we must act boldly to address this existential threat,” says Thompson. “That’s why I am proud to again introduce the GREEN Act, a sweeping bill that will use our tax code to help tackle climate change. This bill expands the use of renewable energy through federal tax incentives that will promote clean energy technologies and faster deploy zero-emissions vehicles. These incentives will, in turn, shift our energy use and lessen our carbon footprint, dramatically reducing greenhouse gas emissions.”
Major components of the GREEN Act include:
-Builds on current successful tax incentives that promote the deployment of green energy technologies, while providing new incentives for activities that reduce greenhouse gas emissions
-Encourages residential investments in green energy and energy efficiency
-Expands incentives for energy efficiency and conservation in homes and buildings, with updated standards,
-Supports widespread adoption of zero-emission cars, vans and buses through tax credits for purchasing vehicles, and supporting the deployment of publicly accessible electric vehicle charging infrastructure
-Invests in the green workforce by providing tax credits for advanced manufacturing facilities and mechanical insulation installations
-Advances environmental justice using tax credits for research and other academic programs
-Prices greenhouse gas emissions.