WASHINGTON – Today, Citizens for Responsible Energy Solutions (CRES)President Heather Reams released the following statement in response to the draft reconciliation text released by the Senate Finance Committee:
“While progress was made in the draft Senate Finance Committee text, there is no doubt the impact of this legislation will negatively harm our nation’s energy independence if enacted.
“Specifically, the bureaucratic red tape, phaseout timelines and elimination of the hydrogen tax credit remain our top concerns. If enacted, Americans will pay more for energy, businesses will cancel key energy projects, and our nation will fall behind in the global energy race.
“To prevent this outcome, the Senate must:
- Simplify “FEOC” Requirements: The Senate should simplify the complexity and burden of Foreign Entity of Concern (FEOC) provisions within the bill. Without this change, FEOC requirements will massively burden American businesses.
- Adjust the Technology Neutral Phaseout: The Senate must maintain the full availability of the technology neutral tax credits until at least the end of 2027 or risk major shocks to our electricity sector.
- Restore the Hydrogen Tax Credit: The Senate draft fails to assert American leadership for hydrogen, where China is aggressively investing. We encourage the Senate to maintain the 45V credit to ensure it is available for this critical sector.
“Let’s encourage members to be smart, use foresight and adjust these provisions—we must provide businesses the certainty they need to invest at home to win the global energy race.”