Senate Finance Committee Chair Max Baucus (D-MT) today released a staff discussion draft of a revenue-neutral international tax reform plan. Based on the One Pager and longer Summary, Legislative Language and the Joint Tax Committee Technical Explanation obtained by the NAM, specific provisions in the plan call for:
The simplification and streamlining of energy incentives for renewables
Creates a new credit for clean electricity
Creates a new credit for clean transportation fuel
Repeal of 11 current energy-related tax incentives not targeted on domestic production of electricity or fuels.
The Summary also notes several other issues that the Committee is seeking input on, these include:
Whether action should be taken on tax incentives for other aspects of the U.S. energy economy including efficiency, transmission, combined heat and power and storage
As an alternative to incentivizing clean energy, the Committee seeks input on the merits of creating a tax or fee on heavy polluting technologies or air pollution and what the tax/fee should look like
Transition rules
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