With many renewable energy incentives in the tax code either expired or scheduled to expire, stakeholders are engaging with policymakers as Congress debates its legislative priorities.
A two-year budget and debt limit deal agreement reached on July 22, 2019, could provide a path forward for potential action to address expired or expiring tax provisions and some technical corrections to the 2017 tax reform act. Subsequent action on fiscal year 2020 spending bills could provide a vehicle for tax legislation to be enacted before the end of 2019. In this outlook, we review key proposals in the House and Senate potentially impacting power and utility tax professionals.
There may be some opportunity for more targeted renewable energy proposals to be considered during the current Congress. Green energy tax proposals related to renewable incentives introduced this year include: