Senate coalition present bill seeking to overall tax code to favor low carbon economy

In Washington, Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and 25 colleagues introduced legislation to overhaul the federal tax code to support an innovative, low carbon economy. The Clean Energy for America Act would consolidate the current 44 energy incentives into three technology-neutral provisions that encourage clean electricity, clean transportation and energy efficiency.

To encourage clean transportation fuel, the bill would provide a tax credit for fuels that are at least 25 percent cleaner than average, with the maximum credit of $1 per gallon available for fuels with zero carbon emissions. The bill also eliminates the per-manufacturer cap on the tax credit for electric vehicles and extends the credit for fuel cell electric vehicles.