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Schatz Applauds New Rules Enabling Transfer Of Clean Energy Tax Credits, Streamlining Federal Transmission Permitting

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) released the following statement in response to new rules from the Biden administration enabling the transfer of tax credits for clean energy projects, as well as a new effort to streamline federal permitting for transmission development. The U.S. Treasury Department issued final rules regarding the transfer of clean energy tax credits created under the Inflation Reduction Act – a move that will lower financing costs, increase flexibility for clean energy projects, and expand the pool of companies that can take advantage of the credits.

“For too long, too many local governments, businesses, and organizations couldn’t take advantage of clean energy tax credits because of unnecessary regulations,” said Senator Schatz. “With the Inflation Reduction Act and these final rules, tax credits will be able to be transferred much more easily, boosting the availability of financing and ultimately accelerating the transition to a cleaner future.”

Meanwhile, the Department of Energy launched a new effort to streamline permitting for federal transmission projects. The Coordinated Interagency Transmission Authorizations and Permits Program (CITAP) is expected to cut the length of the federal permitting process for transmission development in half by centralizing the process at the Department of Energy and setting binding schedules for federal environmental review and approvals.

Schatz continued, “Permitting delays are among the biggest obstacles to the clean energy transition. Streamlining the process with this new program will help build out clean energy infrastructure across the country quicker and more efficiently.”