Political Quotes

“Mr. President, as we take up extension of the FAA reauthorization this week, I want to voice my frustration that an extension of the section 48 energy investment tax credit was not included. More importantly, I want to make clear my continued commitment to securing the credit's extension before the end of the year. This is an issue of immediate urgency. The tax package agreed to at the end of last year extended the section 48 energy investment tax credit for 5 years, beginning on January 1, 2017, phased down to 26 percent in 2020 and 22 percent in 2021. However, through a drafting error, some technologies in section 48 were left out of that long-term extension. As a result, those technologies--including fuel cells, geothermal, hydropower, and biomass, among others--are set to expire at the end of this year. Picking winners and losers was not our intention. The majority leader agreed with that sentiment and made a commitment to address the discrepancy early this year. Unfortunately, we have yet to place it on a moving legislative vehicle. The lack of certainty for these technologies is creating market distortions that will drive capital out of these technologies and toward those with longer-term incentives. I think it is important that we support an all-of-the-above energy strategy and ensuring new clean energy technologies have a seat at the table is a key component.…”