Statements on Introduced Bills And Joint Resolution: S.3735
Senator Tom Carper
Congressional Record: 116th Congress
14 May 2020
By Mr. CARPER (for himself and Mr. Alexander): S. 3735. A bill to amend the Internal Revenue Code of 1986 to extend and modify the credit for alternative fuel vehicle refueling property; to the Committee on Finance. Mr. CARPER. Mr. President, I rise to talk about the Securing America's Clean Fuels Infrastructure Act, which I am introducing today with my good friend, the senior Senator from Tennessee. Our legislation would improve and expand the existing Alternative Fuel Vehicle Refueling Property Investment Tax Credit, which is commonly known as ``30C.'' The Securing America's Clean Fuels Infrastructure Act is about giving Americans a real choice when it comes to transportation, and it's about economic opportunity at a time when Americans need it most. On America's roads and highways today, gas stations are rarely farther than the next corner or next exit. That's not necessarily true for cleaner fuels. In order to meet our clean air and climate goals and lead the world in clean vehicle manufacturing, Americans must have greater access to hydrogen refueling and electric charging stations. Our legislation improves upon current tax credits to better incentivize companies to make investments today--rather than later--in the construction of clean fuel vehicle infrastructure nationwide. Currently, 30C provides a 30 percent investment tax credit for alternative fuel vehicle refueling property, which includes electric charging stations and hydrogen refueling stations. This tax credit expires on December 31, 2020. Today, the 30C investment tax credit, as it is structured and interpreted by the Internal Revenue Service, only allows the credit to be used on a per-location basis rather than on a per-device basis, which means that only one charging station per public parking garage could qualify for the credit. That current structure and interpretation of the credit makes it difficult to finance multiple charging or refueling stations at one location, or to finance expansions of one location in the future. The Securing America's Clean Fuels Infrastructure Act makes clear that the 30C investment tax credit can be applied to each item of refueling property (such as each charger) rather than per location. Additionally, the current $30,000 cap on business investments does not provide adequate support for the installation of today's fast- charging electric vehicle stations or hydrogen refueling stations. The Securing America's Clean Fuels Infrastructure Act increases the 30C investment tax cap for business investments from $30,000 to $200,000 for each item of refueling property. Finally, this legislation will also extend the credit for eight more years, to December 31, 2028, ensuring that the business community has the certainty needed to make long-term investments in clean fuels infrastructure. Our legislation is a commonsense way Congress can spur economic investments in our nation's aging infrastructure, help reduce transportation pollution, and support the millions of Americans that are considering buying a clean car today or in the future. That is why this bipartisan legislation has won broad support from the business and environmental communities. This is legislation that I commend to my colleagues for their serious consideration.
|Connect with The Crittenden Automotive Library|