Washington, D.C. (October 25, 2021) — The Edison Electric Institute (EEI) today issued the following statement on the ongoing congressional negotiations related to the Build Back Better plan:
“EEI and our member companies—America’s investor-owned electric companies—are encouraged by reports that lawmakers are making progress on the budget reconciliation bill. We remain hopeful that Congress can reach agreement and pass a bill that includes a robust clean energy tax package.
“The suite of tax incentives currently under consideration will benefit electricity customers, provide long-term certainty to the entire renewable energy industry, and create a level playing field that recognizes the role of electric companies in deploying more clean energy. They also will create jobs.
“Importantly, the reconciliation bill must protect the value and customer benefits of any tax credits used for the deployment of clean energy technologies. One provision under consideration—the adoption of a book minimum tax on corporations—could impede strong clean energy and renewable development and could cost billions in lost investment and thousands of jobs. A book minimum tax also could result in a significant reduction in the amount of new renewables built and essentially could negate some of the carbon reduction benefits gained through any extension or expansion of the clean energy tax credits.
“We urge lawmakers to reject the book minimum tax, and we remain committed to working with Congress to advance the Build Back Better plan.”