Senate Finance Committee Ranking Member Ron Wyden, D-Ore., has introduced legislation titled:

Clean Energy for America Act (“Act”)

The sponsor describes the bill as measurably reducing “carbon pollution over the next decade through a series of incentives for clean energy and the promotion of new technologies in the private sector.”

The legislation includes:

  • Technology-neutral tax credits for:

    • Domestic production of clean electricity

    • Clean transportation fuel

  • Performance-based tax incentives for:

    • Energy-efficient homes

    • Office buildings

The tax credits are stated to be available to all resources (including fossil fuels) that capture carbon or make efficiency improvements.

The synopsis of the bill argues that the current system of energy incentives is “overly complex and far less effective than it should be.” It states there are 44 different energy tax incentives of which over 50 percent are too short-term to “effectively stimulate investments, while also providing different subsidies to different technologies with no discernable policy rationale.”

A copy of Senator Wyden’s news release announcing the bill and a detailed summary of its provisions can be downloaded here.