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U.S. House Ways and Means Committee Build Back Better Act – proposals related to Tax Credits and Clean Energy

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Image of Sam Kamyans
Sam Kamyans

Partner

Washington, D.C.

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Image of John Marciano
John Marciano

Partner

Washington, D.C.

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Image of Natalie Gow
Natalie Gow

Associate

New York

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Image of Sam Guthrie
Sam Guthrie

Associate

Washington, D.C.

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Image of Michael Sykes
Michael Sykes

Associate

Washington, D.C.

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21 September 2021

On 10 September 2021 the U.S. House Ways and Means Committee proposed a range of green energy tax incentives (the “Bill”) to be enacted through the budget reconciliation process. The chairman of the Committee, Richard Neal, explained that the Bill would allow the U.S. to address climate change whilst also helping local communities and strengthening the country’s economy.

In response to the Bill and proposed infrastructure financing Sam Kamyans and John Marciano – along with associates Natalie Gow, Sam Guthrie and Michael Sykes – have prepared a practical guide to the major themes and takeaways, they have also related the new proposal to clean energy with comparisons to current law. Notably covered is the uncertainty in whether the Production Tax Credit, under section 45 of the code, is available at the 100% level for projects placed in service after 2021, if construction started in 2017, 2018 or 2019, along with Investment Tax Credit, and the Carbon Capture and Sequestration Tax Credit.