NEMA supports energy efficiency incentives in tax reform.
Press Release Summary:
February 6, 2014 - NEMA transmitted to Senate Finance Committee Chairman, Max Baucus, comments on the Energy Tax Reform Proposals he released last month. NEMA compliments the chairman for taking on the important challenge of comprehensive tax reform and goals of broadening the tax base, simplifying code, and lowering corporate income tax rate.Â At the same time, NEMA believes that achieving these goals must include incentives for energy efficiency, since the U.S. currently wastes more energy than it consumes.
Original Press Release
NEMA Urges Senate Finance Committee to Include Energy Efficiency Incentives in Tax Reform
Press release date: January 30, 2014
NEMA compliments the chairman for taking on the immensely important challenge of comprehensive tax reform and the goals of broadening the tax base, simplifying the code, and lowering the corporate income tax rate. Moreover, NEMA supports the chairman’s goal of including incentives to increase energy security and reduce emissions.
At the same time, NEMA believes that achieving these goals must include incentives for energy efficiency. The United States currently wastes more energy than it consumes, making energy efficiency an essential part of any technology-neutral package aimed at reducing emissions and increasing energy independence.
“Put simply,” said NEMA President and CEO Evan R. Gaddis, “the energy we don’t use is the cleanest and cheapest form of energy.”
Moreover, from a fiscal perspective, energy efficiency tax incentives compare favorably with the cost of the chairman’s proposed clean energy production incentives. NEMA therefore urges the committee to consider including in tax reform the innovative energy efficiency tax incentives it transmitted last year to the tax-writing and energy committees of Congress. The incentives aim to increase utilization of energy-efficient technologies in commercial buildings, factories, and Smart Grid technologies.
“In addition to being technology-neutral, performance-based, and cost effective,” said Gaddis, “our proposals would boost economic productivity and competitiveness, enhance energy security, reduce emissions, and mitigate electrical outages after storms.”
NEMA transmitted to Congress last July legislative language for its proposed technology-neutral energy efficiency tax incentives for buildings, factories, and Smart Grid. The legislative language and the transmittal letter to Senate Finance Committee are on NEMA’s website.
NEMA is the association of electrical equipment and medical imaging manufacturers, founded in 1926 and headquartered in Rosslyn, Virginia. Its 400-plus member companies manufacture a diverse set of products including power transmission and distribution equipment, lighting systems, factory automation and control systems, and medical diagnostic imaging systems. Total U.S. shipments for electroindustry products exceed $100 billion annually.
National Electrical Manufacturers Association
Visit our website at www.nema.org