[Congressional Record Volume 167, Number 83 (Thursday, May 13, 2021)]
[Extensions of Remarks]
[Page E516]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




          INTRODUCTION OF THE RENEWABLE ENERGY INVESTMENT ACT

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                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                         Thursday, May 13, 2021

  Mr. BLUMENAUER. Madam Speaker, today I introduced the Renewable 
Energy Investment Act. Last Congress' version of this legislation 
passed the House in Section 90404 of the Moving Forward Act (H.R. 2, 
116th Cong.) and would allow taxpayers to elect to take clean energy 
credits as a direct payment, rather than a credit against tax.
  For decades, the Production and Investment Tax Credits (PTCs and 
ITCs) have together supported substantial expansions in the development 
of clean energy across the United States. Despite years of temporary 
federal tax policy, the cost of wind and solar energy generation has 
come down significantly, leaving it competitive with, and in some cases 
cheaper than, fossil fuel-generated energy. However, the COVID-19 
pandemic threatened the sector's long-term success and continues to 
have visible impacts today.
  The COVID-19 pandemic significantly constricted tax equity markets 
that are used to finance renewable energy construction. This 
constriction makes financing the project more difficult since tax 
equity investors may not have the tax equity to utilize all the 
available credits, therefore making investment less attractive. With 
the potential for more available credits in the coming years, there may 
not be a robust enough investor base to take full advantage of 
available incentives without a direct payment option.
  The Renewable Energy Investment Act allows taxpayers to receive a 
payment for renewable energy investments rather than a tax credit. Not 
only does this provide much-needed relief for tax equity markets, it 
also allows taxpayers with little or no tax liability to accelerate 
utilization of these credits and expand the pool of eligible investors 
to additional deployment of renewable energy across the country.
  I look forward to working with my colleagues in the House and Senate 
to enact this legislation as part of a comprehensive infrastructure and 
clean energy package.

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