On the recordAugust 6, 2022
As the chairman of the Finance Committee knows well, the Inflation Reduction Act includes new and improved clean energy tax credits, and I commend Senator Wyden for leading the effort to simplify the Tax Code's incentives for clean electricity. These credits will advance our transition to a clean energy future and are a key part of this legislation's goal of reducing carbon emissions from the electricity sector more than 40 percent by 2030. The 45Y and 48D provisions expressly make geothermal energy eligible for critical tax credits, and I appreciate the chairman's attention to this issue given its importance to Nevada's economy. Nevada is a leader in geothermal energy and the industry provides critical jobs and revenues for my State and others across the country. Geothermal resources also provide clean power, and they are essential to meet the emissions reduction goals of this legislation. As the current chairman of the Finance Committee and former chairman of the Energy and Natural Resources Committee, can Senator Wyden comment how this legislation intends to spur the deployment of this critical clean energy technology?
