Energy Storage Tax Incentive and Deployment Act of 2021
- Last Action
- 3/9/2021
Actions
- 2021-03-09Read twice and referred to the Committee on Finance.
- 2021-03-09Introduced in Senate
CRS Summary
As of 2021-03-09 (00)
Energy Storage Tax Incentive and Deployment Act of 2021
This bill allows tax credits for (1) energy storage technologies, and (2) battery storage technology.
The bill expands the tax credit for investments in energy property to include equipment that (1) receives, stores, and delivers energy using batteries, compressed air, pumped hydropower, hydrogen storage (including electrolysis), thermal energy storage, regenerative fuel cells, flywheels, capacitors, superconducting magnets, or other technologies identified by the Internal Revenue Service; and (2) has a capacity of at least five kilowatt hours.
The bill also expands the tax credit for residential energy efficient property to include expenditures for battery storage technology that (1) is installed on or in connection with a dwelling unit located in the United States and used as a residence by the taxpayer, and (2) has a capacity of at least three kilowatt hours.
Cosponsors (12)
- Susan Collins (R-ME)
- Brian Schatz (D-HI)
- Michael Bennet (D-CO)
- Sheldon Whitehouse (D-RI)
- Mazie Hirono (D-HI)
- Tina Smith (D-MN)
- John Reed (D-RI)
- Cory Booker (D-NJ)
- Dianne Feinstein (D-CA)
- Chris Van Hollen (D-MD)
- Angus King (I-ME)
- Ben Cardin (D-MD)
Subjects
- Alternative and renewable resources
- Business investment and capital
- Energy efficiency and conservation
- Energy storage, supplies, demand
- Income tax credits
- Residential rehabilitation and home repair
Sourced from Congress.gov (public domain).
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