American Energy Independence and Affordability Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The American Energy Independence and Affordability Act aims to bolster domestic energy production and improve energy efficiency by modifying existing tax credits and provisions within the Internal Revenue Code. Specifically, it restores and extends various incentives for renewable energy sources like wind and solar, expands credits for energy-efficient home improvements and commercial buildings, and adjusts deadlines for vehicle credits. The bill seeks to increase domestic energy production and reduce energy costs for consumers.
Key provisions
- Restores and extends tax credits for clean energy production (wind and solar), clean electricity investment, and advanced manufacturing production.
- Expands energy-efficient home improvement and new home credits.
- Reinstates a special rate for sustainable aviation fuel.
- Restores the extension of the advance energy project credit program.
- Reverts termination dates for previously-owned vehicle, clean vehicle, and qualified commercial clean vehicle credits.
- Restores the cost recovery for energy property.
- Modifies the requirements for the energy efficient home improvement credit, including a product identification number requirement.
- Adjusts the credit percentages for clean vehicles based on the year of vehicle placement in service.
Who is affected
- Energy producers (wind, solar, hydrogen)
- Homeowners and builders
Bill text
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Sponsors
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129 on record
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