SMACNA, Others Thank Rep. Reed for "Technologies for Energy Security Act", Urge Full House Support
In a recent letter to Rep. Tom Reed (R-NY), SMACNA as part of the Alliance for Industrial Efficiency, commended the Congressman for introducing the "Technologies for Energy Security Act of 2017”, (H.R. 1090). This legislation amends the Internal Revenue Code to extend and modify the tax credits for residential energy efficient property and investments in other categories of energy property. It also modifies the tax credit for residential energy efficient property to extend through 2021 the credits for expenditures for fuel cell property, small wind energy property, and geothermal heat pump property. For the current tax incentive credit and each extended credit, the bill phases out the current credit rate of 30% of expenditures by reducing it to 26% or 22%, depending on the date that the property is placed in service.
In 2015, Congress provided long-term certainty exclusively for solar technology covered by Section 48 of the tax code. However, other advanced energy technologies that had been eligible, including fuel cells, CHP, microturbines, and geothermal heat pumps, were inadvertently excluded. SMACNA supports a reinstatement of the ITC for all formerly eligible technologies which includes a phase-out. Reinstating these technologies will shore up domestic markets, lead to profitability for American manufactured products, and help the U.S. maintain its leadership in these areas.
In a separate letter, SMACNA, urged the House to join Rep. Reed and the bill's co-sponsors to support H.R. 1090.