May 29,2024

Wyden Statement on New Technology-Neutral Energy Tax Guidance

Washington, D.C. — Senate Finance Committee Chair Ron Wyden, D-Ore., today issued the following statement on new guidance from the Treasury Department on technology-neutral energy tax credits he wrote in the Inflation Reduction Act:

“After cap and trade failed in 2010, I went back to the drawing board to come up with an approach that would finally allow us to go big on climate and energy reforms. The result was the tech-neutral energy tax system the Treasury Department is advancing today. I want to thank Secretary Yellen for making this a priority and getting this guidance out in a timely fashion. 

“This tech-neutral tax policy is the centerpiece of the largest climate action in our history, which Democrats passed in the Inflation Reduction Act, and it represents a huge step forward in the effort to reduce carbon emissions. With today’s announcement, the Treasury Department provides long-term certainty to a host of clean energy sources, including promising new technologies that will become essential parts of our energy system in the future. 

“Americans strongly support policies that will reduce carbon emissions because they’ve seen and experienced climate disasters firsthand -- the massive wildfires routinely scorching the West, stronger and wetter hurricanes battering and inundating major cities, oppressive summertime heat and deep winter freezes that can be fatal to vulnerable people. Democrats are determined to address this crisis, and the Inflation Reduction Act was a landmark achievement. If Donald Trump and Republicans in Congress get the opportunity, they will shred the progress we’ve made on climate and energy. Trump has already told Big Oil executives they’ll get to set the agenda for his second term if they write big campaign checks that help him get reelected. It’s corruption on a scale we’ve never seen before. It must be stopped.”