Schatz Introduces Legislation To Level The Playing Field On Tax Policy For Clean Energy And Fossil Fuels
WASHINGTON – Today, U.S. Senator Brian Schatz (D-Hawai‘i) introduced the Fossil Aid is Inefficient and Regressive (FAIR) Energy Policy Act, legislation that would balance tax preferences for the clean energy and fossil fuel industries.
“If we are phasing out tax credits for clean energy—something I oppose—then why are we still committing to permanently support the fossil fuel industries with tax preferences they don’t need? The FAIR Energy Policy Act would address this imbalance and phase down those subsidies,” said Senator Schatz. “It is based on the very simple idea that there should be a level playing field for fossil fuels and clean energy.”
The 2016 government funding law passed in December phases down the wind production tax credit (PTC). Similarly, the FAIR Energy Policy Act would reduce the value of tax preferences for fossil fuels each year after December 2016 until they are phased out completely in 2020.
To read the text of the FAIR Energy Policy Act, click here.