Yesterday, House Republican leaders released the “Tax Cuts and Jobs Act,” which is intended to create a better tax and business climate. As a business association, AEE supports efforts to create a better business and tax system for the United States, and this proposal includes some provisions that could be beneficial. Unfortunately, several provisions directly target the advanced energy industry, particularly wind power and electric vehicles, for loss of tax benefits.
The House has announced plans to move quickly on this package, with a hearing scheduled for Monday, Nov. 6, in the Ways and Means Committee. The Senate is also expected to release its own proposal, which will likely differ on key provisions related to the advanced energy industry. We are actively working with Congress and our allies to ensure that the advanced energy industry is not harmed by this and any future tax package.
While still reviewing the 429-page bill, we can see that the advanced energy industry was not ignored by Congress in this high priority, and highly controversial, piece of legislation. But let’s be clear: AEE will fight to make sure that any tax measure approved by Congress recognizes the full value of the advanced energy industry, now a $200 billion industry supporting more than 3 million jobs across the United States.