S 2994
Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023
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- Passed Senate
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- Became Law
Bill overview
This bill, the Maintaining and Enhancing Hydroelectricity and River Restoration Act of 2023, creates a 30% tax credit for upgrades to existing hydroelectric dams. These improvements, which could include fish passage enhancements, dam safety upgrades, or removing obsolete obstructions, must receive approval from the Federal Energy Regulatory Commission or state/local officials by January 1, 2032. The bill also allows for an ‘elective payment’ option, enabling taxpayers to treat the credit as a tax payment, and allows for the transfer of the credit. It aims to boost clean energy production, improve grid resilience, and restore river ecosystems.
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Cosponsors
Angus S., Jr. King
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