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Energy Task Force Senator John Thune Senator Debbie Stabenow August 2019

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Energy Task Force Senator John Thune Senator Debbie Stabenow August 2019 Energy Task Force Senator John Thune Senator Debbie Stabenow August 2019 I. INTRODUCTION Since the end of 2017, 29 temporary tax provisions have expired, with more than a dozen other temporary provisions set to expire at the end of this year. As part of the Senate Finance Committee’s efforts to address those provisions that have already expired and those set to expire at the end of this year, the Committee formed bipartisan task forces to examine this group of over 40 temporary tax provisions and identify options for their long-term resolution. The Energy Task Force was charged with examining the temporary energy tax policies that expire between December 31, 2017, and December 31, 2019. The list of these provisions is set out below, and additional background on each was provided in the pamphlet prepared by the Joint Committee on Taxation (JCX-22R-19), which is available at https://www.jct.gov/publications.html?func=startdown&id=5188. ​ The Task Force worked with stakeholders, other Senate offices, and other interested parties to examine the original basis of each provision, determine whether there continues to be a need for the provision as currently drafted, and identify long-term resolutions. The Energy Task Force received and considered comments and proposals from stakeholders and other interested parties with respect to its set of temporary tax policies, which are summarized below. Unless otherwise noted, all sections referenced are to the Internal Revenue Code (IRC). II. ENERGY TASK FORCE MEMBERSHIP Senator John Thune (R-SD), Co-Lead Senator Debbie Stabenow (D-MI), Co-Lead Senator Pat Roberts (R-KS) Senator Thomas Carper (D-DE) Senator John Cornyn (R-TX) Senator Sheldon Whitehouse (D-RI) Senator Bill Cassidy (R-LA) Senator Maggie Hassan (D-NH) 1 We would like to thank Senators Roberts, Carper, Cornyn, Whitehouse, Cassidy, and Hassan for their membership and thoughtful engagement in the Task Force process. We would also like to thank Chairman Grassley and Ranking Member Wyden for their participation as ex-officio members of the Task Force and their professional staffs for the technical assistance they provided. Additionally, we would like to thank the Joint Committee on Taxation (JCT) for making its staff available to provide guidance and revenue estimates. Lastly, thank you to all the stakeholders who submitted comments. Your submissions contributed to a robust and thorough review of the current energy tax policy landscape. III. TEMPORARY PROVISIONS CONSIDERED The Energy Task Force examined the following 12 expired or expiring temporary tax provisions: 1. Credit for certain nonbusiness energy property (sec. 25C); 2. Alternative motor vehicle credit for qualified fuel cell motor vehicles (sec. 30B(b)); 3. Credit for alternative fuel vehicle refueling property (sec. 30C); 4. Credit for two-wheeled plug-in electric vehicles (sec. 30D(g)); 5. Second generation biofuel credit (formerly known as the “cellulosic biofuel producer credit”) (sec. 40(b)(6)); 6. Incentives for biodiesel and renewable diesel (secs. 40A, 6426(c), and 6427(e)); 7. Credit for electricity produced from certain renewable resources (secs. 45 and 48(a)(5)); 8. Credit for production of Indian coal (sec. 45(e)(10)); 9. Credit for construction of new energy efficient homes (sec. 45L); 10. Special depreciation allowance for second generation biofuel plant property (sec. 168(l)); 11. Special rule for sales or dispositions to implement Federal Energy Regulatory Commission (“FERC”) or State electric restructuring policy (sec. 451(k)); and 12. Incentives for alternative fuel and alternative fuel mixtures (secs. 6426(d) and (e), and 6427(e)). 2 IV. OVERVIEW OF THE TASK FORCE’S WORK The Energy Task Force held a total of 14 meetings, including one meeting with JCT staff to review all 12 expired or expiring tax provisions falling within the Task Force’s mandate. The Task Force received 63 submissions expressing views not only on the 12 provisions under the Task Force’s express jurisdiction but also on a number of other energy-related tax proposals. Interested stakeholders were asked to provide the Task Force with comments that included the following information: ● Provision you are writing in about; ● Name of organization; ● Geographic footprint of organization; ● Position on short-term and/or permanent extension of provision, or whether it should be left to expire permanently; ● Policy and economic justification for the request; ● Proposal(s) for expansion or modifications to the provision; ● Policy and economic justification for the request; and ● Miscellaneous considerations related to the provision (i.e., other provisions in the Code that interact with the provision that should be considered). Stakeholders who submitted comments and requested to meet with the Task Force received meetings based on staff availability and member interest. Meetings consisted of a short stakeholder presentation followed by a question-and-answer period. Task Force offices were not prohibited from continuing to meet with individual stakeholders, as might occur in the regular course of business. V. SUMMARY OF STAKEHOLDER VIEWS RECEIVED Stakeholders generally stated an interest in securing certainty and predictability for their particular constituencies, irrespective of technology. Moreover, tax credits were acknowledged to be an effective incentive for bringing nascent technologies to a point of competitive maturity and deployment. 3 1. Credit for certain nonbusiness energy property (sec. 25C) Total number of proposals/comments received on the provision: 7 ​ Individual stakeholders and groups that met with the Task Force: Alliance to Save Energy, ​ Air-Conditioning, Heating, and Refrigeration Institute, National Multifamily Housing Council, National Association of Home Builders, and Citizens for Responsible Energy Solutions Brief summary of views presented (see appendix for specific details): Comments expressed ​ support for a forward-looking extension of IRC sec. 25C, along with certain modifications. This ​ ​ included modernizing product-specific efficiency standards, raising the credit rate, and lifting certain product category caps; a proposal to require third-party verification of energy savings and provide whole-building-based incentives; and a proposal to transition the credit to performance-based efficiency standards. In addition, comments noted the credit’s role in encouraging investments in efficiency upgrades by reducing upfront investment costs and stimulating jobs in construction and manufacturing, and lowering emissions by reducing energy demand. Comments also raised other energy-efficiency credits in IRC secs. 45L and 179D. 2. Alternative motor vehicle credit for qualified fuel cell motor vehicles (sec. 30B(b)) Total number of proposals/comments received on the provision: 8 ​ Individual stakeholders and groups that met with the Task Force: Electric Drive ​ Transportation Association Brief summary of views presented (see appendix for specific details): Comments discussed ​ extension of the credit and specifically urged support for S. 1094, the Driving America Forward Act, because it would “create jobs, support American manufacturing[,] and reduce emissions in the transportation sector.” In relation to IRC sec. 30B(b), comments also discussed extension of IRC secs. 30C and 6426. 3. Credit for alternative fuel vehicle refueling property (sec. 30C) Total number of proposals/comments received on the provision: 12 ​ Individual stakeholders and groups that met with the Task Force: Electric Drive ​ Transportation Association and Edison Electric Institute 4 Brief summary of views presented (see appendix for specific details): Comments discussed a ​ five-year extension of the credit and raising the maximum value of the credit. In relation to IRC sec. 30C, comments also discussed extension of IRC secs. 30B, 30D, and 6426. 4. Credit for two-wheeled plug-in electric vehicles (sec. 30D(g)) Total number of proposals/comments received on the provision: 3 ​ Individual stakeholders and groups that met with the Task Force: N/A ​ Brief summary of views presented (see appendix for specific details): Comments discussed ​ the credit’s function as a consumer incentive, arguing both that any extension should be on a par with the extension of other expired provisions and that the credit (along with other consumer incentives) should not be extended retroactively because it cannot incentivize past behavior. 5. Second generation biofuel credit (formerly known as the “cellulosic biofuel producer credit”) (sec. 40(b)(6)) Total number of proposals/comments received on the provision: 6 ​ Individual stakeholders and groups that met with the Task Force: POET, Biotechnology ​ Innovation Organization, and Second Generation Biofuels Tax Coalition Brief summary of views presented (see appendix for specific details): Comments discussed a ​ five-year extension of the current credit as well as restructuring the credit to mirror the per-facility structure of IRC sec. 45, which would create longer-term certainty with respect to qualifying facilities. Such a proposal would limit eligibility for singular generations of investment to ten years, requiring satisfaction of the 80-20 investment rule to make eligible any subsequent fuel production. Stakeholders agreed that setting such limits would serve as cost-control guardrails for advanced fuels without precluding eligibility for future technologies. 6. Incentives for biodiesel and renewable diesel (secs. 40A, 6426(c), and 6427(e)) Total number of proposals/comments
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