[Congressional Record Volume 165, Number 80 (Tuesday, May 14, 2019)]
[Extensions of Remarks]
[Page E586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        INTRODUCTION OF THE RENEWABLE ENERGY TRANSFERABILITY ACT

                                 ______
                                 

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                         Tuesday, May 14, 2019

  Mr. BLUMENAUER. Madam Speaker, the climate crisis we face is one of 
the most important challenges of our time. There has been a lot of 
alarming news--the last four years were the hottest years on record, 
and we are seeing more and more extreme weather events devastate our 
communities. However, one of the success stories that we've seen in our 
efforts to combat climate change is the growth in renewable energy, 
particularly among wind and solar energy.
  Today Representative Darin LaHood and I are introducing the Renewable 
Energy Transferability Act to increase the deployment of renewable 
energy resources by making them transferable. This bipartisan 
legislation allows any entity involved in a renewable energy project to 
make a transfer after the due date of return (including extensions) of 
the Production Tax Credit and the Investment Tax Credit on a limited 
basis.
  These two tax credits are some of the most successful renewable 
energy policies on the books, yet they have been hampered by requiring 
their beneficiaries to enter into complex tax arrangements. 
Transferability will allow these credits to reach a wider base of 
investors, expanding the deployment of renewable energy and lowering 
carbon emissions for consumers.
  At a time of unprecedented climatic changes and public calls for 
action, Congress must act. While this legislation can only play part of 
a role in helping address the climate crisis, it takes an important 
step in assisting a key industry. I look forward to working with my 
colleagues on both sides of the aisle to pass the Renewable Energy 
Transferability Act into law.

                          ____________________