American Energy Independence and Affordability Act | ChamberLight
Bills · HR 5862
IN COMMITTEE· 119TH CONGRESS
House BillHR 5862Taxation
American Energy Independence and Affordability Act
INTRO OCT 28· LAST ACTION OCT 28
READING
12MIN
COSPONSORS
128
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8
Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-written
Voters should care about this bill because it directly impacts the cost and availability of various energy technologies and products, as well as the energy market in general. If this bill becomes law, it could lead to lower costs for consumers who choose to invest in energy-efficient home improvements, purchase electric vehicles, or install solar panels, as the associated tax credits would be restored or extended. For businesses, it could provide renewed incentives to invest in clean energy production and advanced manufacturing, potentially leading to more jobs and innovation in these sectors.
If the bill does not become law, the tax credits and benefits that were curtailed or ended by Public Law 119-21 would remain as they are. This could mean higher upfront costs for consumers looking to adopt clean energy or energy-efficient solutions and potentially fewer financial incentives for businesses to develop and deploy these technologies, impacting the pace of energy transition and consumer choices.
KEY PROVISIONS
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PROVISION 01
Extends tax credits for clean electricity production (like wind and solar) by modifying their phase-out schedule, potentially linking it to significant greenhouse gas emission reductions.
This extends financial incentives for renewable energy generation, which could support job growth and lower the cost of clean electricity.
PROVISION 02
Restores and extends investment tax credits for clean electricity projects and for certain energy property, bringing back a 2% credit that was previously eliminated.
This encourages more private investment in renewable energy infrastructure and energy-saving technologies.
PROVISION 03
Removes metallurgical coal from the list of materials eligible for advanced manufacturing production credits.
This changes which industries qualify for specific manufacturing tax benefits, potentially shifting incentives away from certain fossil fuel-related production.
PROVISION 04
Repeals restrictions that prevented the Advanced Energy Project Credit program from receiving increased funding.
This allows for more financial support to be directed towards innovative and advanced energy projects.
PROVISION 05
Aims to restore or remove termination dates for tax credits related to energy-efficient homes, commercial buildings, and various types of clean vehicles.
This makes it more affordable for individuals and businesses to adopt energy-efficient practices and transition to cleaner transportation.
Voters should care about this bill because it directly impacts the cost and availability of various energy technologies and products, as well as the energy market in general. If this bill becomes law, it could lead to lower costs for consumers who choose to invest in energy-efficient home improvements, purchase electric vehicles, or install solar panels, as the associated tax credits would be restored or extended. For businesses, it could provide renewed incentives to invest in clean energy production and advanced manufacturing, potentially leading to more jobs and innovation in these sectors.
If the bill does not become law, the tax credits and benefits that were curtailed or ended by Public Law 119-21 would remain as they are. This could mean higher upfront costs for consumers looking to adopt clean energy or energy-efficient solutions and potentially fewer financial incentives for businesses to develop and deploy these technologies, impacting the pace of energy transition and consumer choices.
KEY PROVISIONS
AI-extracted
high
Extends tax credits for clean electricity production (like wind and solar) by modifying their phase-out schedule, potentially linking it to significant greenhouse gas emission reductions.
This extends financial incentives for renewable energy generation, which could support job growth and lower the cost of clean electricity.
high
Restores and extends investment tax credits for clean electricity projects and for certain energy property, bringing back a 2% credit that was previously eliminated.
This encourages more private investment in renewable energy infrastructure and energy-saving technologies.
med
Removes metallurgical coal from the list of materials eligible for advanced manufacturing production credits.
This changes which industries qualify for specific manufacturing tax benefits, potentially shifting incentives away from certain fossil fuel-related production.
med
Repeals restrictions that prevented the Advanced Energy Project Credit program from receiving increased funding.
This allows for more financial support to be directed towards innovative and advanced energy projects.
high
Aims to restore or remove termination dates for tax credits related to energy-efficient homes, commercial buildings, and various types of clean vehicles.
This makes it more affordable for individuals and businesses to adopt energy-efficient practices and transition to cleaner transportation.
GLOSSARY
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Internal Revenue Code of 1986
The main body of tax laws in the United States, which outlines rules for taxes on income, property, and other items.
Tax Credit
A direct reduction in the amount of tax owed, which can either reduce a tax bill or result in a refund.
Phase-out
A gradual reduction or elimination of a tax credit or benefit over time or as certain conditions are met.
Clean Electricity Production Credit
A tax credit given to companies that generate electricity using clean sources, like solar or wind power.
Clean Electricity Investment Credit
A tax credit for investing in projects and equipment that produce clean electricity.
Advanced Manufacturing Production Credit
A tax credit for companies that produce certain advanced manufactured goods or components, often related to energy.
Metallurgical Coal
A type of coal used in the production of steel, distinct from coal used for generating electricity.
ACTION TIMELINE
2 EVENTS
OCT 28, 25
Introduced in House
INTROREFERRAL
OCT 28, 25
Referred to the House Committee on Ways and Means.
