Political Quotes

“Madam Speaker, the bill we are considering in the House today, the Inflation Reduction Act, started in the House of Representatives as the Build Back Better Act. Three years ago, all Democratic Members of the Ways and Means Committee introduced the GREEN Act as the Committee's consensus legislation for tax priorities relating to climate, clean energy, and energy efficiency. The GREEN Act was reintroduced, again with all Ways and Means Democrats, in the 117th Congress. The GREEN Act formed the base of the climate and energy subtitle of the Build Back Better Act, which the Ways and Means Committee marked up in September 2021 and passed out of the House, following significant input from the Senate, in November 2021. Many provisions of Subtitle D of the Inflation Reduction Act remain substantially similar to those that the House developed and passed. As the Chairman of the Ways and Means Committee, I wish to offer additional detail on the legislative intent behind certain provisions included in this legislation. This legislation provides long-term extensions of tax credits for renewable technologies such as solar, wind, geothermal, and hydropower by extending section 45 and section 48 and enacting their successor credits under sec. 45Y and section 48E. These provisions were drafted with the goal of unleashing clean energy deployment, in line with President Biden's pledge of a 50-52 percent reduction from 2005 levels in economy-wide net greenhouse gas pollution in 2030.…”