Senate Panel to Advance Electric Car, Clean Energy Tax Credits
- Plan creates $259.5 billion in clean energy tax breaks
- Legislation likely to be incorporated in larger bill this year
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The Senate Finance Committee can advance a $259.5 billion package of clean energy tax credits that includes $31.6 billion in consumer incentives for electric cars and would end tax breaks used by the fossil fuel industry.
The legislation would overhaul the current menu of energy tax breaks, consolidating credits for renewable energy sources and offering incentives to any energy source that has no carbon emissions. The legislation provides tax credits for electricity production and investments, tax breaks for energy efficient homes and buildings and incentives for transportation, including electric cars and clean fuels.