U.S. Rep. Tom Reed touts introduction of the Energy Sector Innovation Credit Act in the House Tuesday — a bill he called the “Alternate Green New Deal.”
Reed is among several bipartisan cosponsors of the bill he said would help provide solutions to climate change through innovation.
The bill would provide tax credits that reward investment and production, Reed, R-Corning, said during his weekly media call with reporters from across the 23rd Congressional District.
He said it could be “the cornerstone of the Republican position on environment and climate change.” It embraces entrepreneurship, ingenuity, innovation and the free-market system.
At its core, the bill would reward innovation in producing more efficient, clean energy, Reed said. The tax credits would “sunset” as the technology became more viable.
The bill’s goal is to address climate change through innovation rather than bureaucratic solutions that come out of Washington and Albany, Reed said.
“It’s an alternative to the Green New Deal” to address climate change, he added.
Reed did not say whether he thought President Donald Trump, who refuses to recognize climate change and pulled the U.S. out of the Paris Accord, would support the efforts of the sponsors and sign it into law if it passes the House and Senate.
Under the proposed legislation, individual investors would look to purchase the tax credits and energy producers would get a production tax credit as well. It would apply to all energy sources — existing fossil fuels, wind, solar and other alternative renewable energy sources.
Reed said energy storage industries, offshore wind and the next generation of nuclear power are best positioned to take advantage of the bill.
Bureaucratic standards can provide a false sense of security. “You can have all the bureaucratic solutions coming out of Albany that are extreme or you can embrace innovation,” Reed said.
“Stakeholders are jumping on board,” Reed told reporters of the response to the bill’s introduction. “There has been an overwhelming response.”
He believes it moves away from picking winners and losers by rewarding innovation and entrepreneurship. “I’m so excited about this proposal — innovation solving the problems of our environment.”
The cost of the tax credit will be relatively low, Reed said.
ON IRAN, Reed said he “applauds those individuals coming into the streets of Iran and standing up to the regime.” Trump, he said, is “showing support for the protests. I think that (opposition) voice will win” in the end.
Last week, millions of Iranians were marching in the streets in protest of the U.S. killing Jan. 2 of Gen. Qassim Suleimani outside the Baghdad airport. Then, on the same night Iran hurled ballistic missiles, its forces accidentally shot down a Ukrainian jetliner, something the government denied for three days.
After the regime admitted that Iranian anti-aircraft fire brought the jetliner down, killing all aboard, there have been citizen demonstrations against the government.
Both the U.S. and Iran stepped back from what appeared to some observers as the brink of a new Mideast war.
On another topic, Reed said he had sent a letter to the sentencing judge in the insider trading conviction of former Rep. Chris Collins.
“I didn’t formally ask for leniency, but for justice to be done,” Reed said, noting he tried to articulate for the court some of “the positive work Chris has done” for his constituents in Western New York.
Reed also said he thought the bail reform provisions that went into effect in New York on Jan. 1 “are getting out of hand” and the law needs to be amended.
“There are violent offenders being released under this bail reform,” he said. “This is getting out of hand.”
(Contact reporter Rick Miller at firstname.lastname@example.org. Follow him on Twitter, @RMillerOTH)