CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. US Congress Urged To Improve Tax Regime For Renewable Energy

US Congress Urged To Improve Tax Regime For Renewable Energy

by Leroy Baker,, New York

04 April 2007

Senate Finance Committee Chairman Max Baucus (D-Mont.) has told that Congress that it must be more creative when crafting tax incentives to promote renewable energy.

At a hearing of the committee entitled, “Clean Energy: From the Margins to the Mainstream,” witnesses testified that the existing tax system provides little assurance that long-term investment in clean energy will be a good bet, and that Congress should work to change that.

Currently, tax incentives for the development and use of renewable energy technologies expire and must be extended every few years.

“This country is in an energy box, hampered economically, politically, and environmentally by our dependence on foreign oil and on other traditional fuels. So we have to think out of the box on renewables,” said Baucus. “It’s clear that stop-and-start tax policies aren’t the best method to promote clean and green energy. We need to lay the groundwork now for a better way.”

Witnesses at the hearing included European Union Ambassador John Bruton, who told the Finance panel that Europe has sought a longer view on renewable energy policy. Bruton discussed the EU’s current plans to reduce carbon emissions and to increase the use of renewable energy by 2020. Additional witnesses included energy executives and experts John Krenicki, GE Energy’s President and CEO, Todd Raba, President of MidAmerican Energy Holdings, Dr. Ryan H. Wiser, Scientist of the Berkeley National Laboratory, and Johan Van’t Hof of the Canadian energy company Tonbridge Corporation.

Executives and experts alike called for predictability in US tax policy on renewables, for the sake of energy security and global economic competitiveness. Raba suggested that long-term energy policies might be more affordable for taxpayers if incentive amounts for startup investments decline a bit as renewable energy gains momentum.

Baucus recently created a new subcommittee on the Finance panel to oversee energy, natural resources, and infrastructure issues. He has said that he plans to move forward on an energy tax package in the coming months.

To see today's news, click here.


Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »

Stay Updated

Please enter your email address to join the mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.

To manage your mailing list preferences, please click here »