{"@context":"https://schema.org","@type":"Legislation","name":"GREEN Act of 2020","description":"

Growing Renewable Energy and Efficiency Now Act of 2020 or the GREEN Act of 2020

This bill provides tax incentives for investment in renewable energy resources and energy efficiency programs.

Among other provisions, the bill

extends for five years the tax credit for production of electricity from certain renewable resources (e.g., wind facilities, biomass, landfill trash facilities), the election to treat certain tangible property as energy property for purposes of the energy tax credit, and certain provisions of the energy tax credit;
expands the energy tax credit to include energy storage technology, waste energy recovery property, and qualified biogas property;
extends for two years the tax credit for carbon oxide sequestration;
allows elective payments in lieu of certain energy-related tax credits;
modifies the phaseout provisions of the income and excise tax credits for biodiesel and renewable diesel and extends the termination date for such credits;
extends for five years and increases the tax credit for nonbusiness energy property and the new energy efficient home tax credit;
extends for six years the residential energy efficient property tax credit;
extends for five years the tax deduction for energy efficient commercial buildings;
modifies the limitations on new qualified plug-in electric drive motor vehicles tax credit and allows a new credit for such vehicles that are previously-owned;
allows a new tax credit for zero emission heavy vehicles (vehicles with a gross weight rating of not less than 14,000 pounds and not powered by an internal combustion engine);
extends for five years the tax credits for qualified fuel cell motor vehicles and alternative fuel cell refueling property;
provides for additional allocations of the advanced energy project tax credit;
allows a new tax credit for the labor costs of installing mechanical insulation property;
allows a new tax credit to promote environmental justice programs (programs to improve health and economic outcomes of individuals residing in low-income areas or areas populated disproportionately by racial or ethnic minorities); and
requires the Department of the Treasury to report on the utility of data from the Greenhouse Gas Reporting Program for determining the amount of greenhouse gases emitted by taxpayers for purposes of imposing a fee on them for such emissions.

","legislationIdentifier":"HR 7330","legislationType":"Bill","legislationLegalForce":"NotInForce","legislationJurisdiction":"USA","author":[{"@type":"Person","name":"Mike Thompson","url":"https://legisdaily.com/mp/mike-thompson-us"}],"about":{"@type":"Thing","name":"Taxation"},"keywords":"Advanced technology and technological innovations, Air quality, Alternative and renewable resources, Climate change and greenhouse gases, Commuting, Congressional oversight, Electric power generation and transmission, Employee benefits and pensions, Employee hiring, Energy efficiency and conservation, Energy storage, supplies, demand, Environmental assessment, monitoring, research, Environmental education, Environmental regulatory procedures, Floods and storm protection, Government information and archives, Government studies and investigations, Higher education, Housing industry and standards, Hybrid, electric, and advanced technology vehicles, Income tax credits, Income tax deductions, Income tax exclusion, Labor standards, Licensing and registrations, Motor fuels, Motor vehicles, Pedestrians and bicycling, Property tax, Research administration and funding, Sales and excise taxes, State and local government operations, State and local taxation, Tax administration and collection, taxpayers, Wages and earnings, Water use and supply","dateModified":"2025-01-03T00:00:00.000Z","url":"https://legisdaily.com/bill/USA-116-HR-7330"}

Mike Thompson

Mike Thompson

Ways and Means Committee