Washington, D.C. (November 04, 2021) — Edison Electric Institute (EEI) President Tom Kuhn today issued the following statement:

"On behalf of America's investor-owned electric companies, EEI is pleased that Congress continues to make progress on the Build Back Better Act, which includes a robust clean energy tax package. These clean energy tax incentives will benefit electricity customers, create jobs, provide long-term certainty to our industry, and create a level playing field that recognizes the role of electric companies in deploying more clean energy.

“At the same time, we have significant concerns with the inclusion of a 15-percent corporate minimum tax on book income. Such a provision will negatively impact the capital investments electric companies make to provide their customers with safe, reliable, affordable, and resilient clean energy.

“The adoption of a book minimum tax on electric companies would impede the deployment of clean energy, cost billions of dollars in lost investment, and result in the loss of thousands of jobs, while raising the costs of the clean energy transition for customers. A book minimum tax also would negate some of the carbon reduction benefits gained through any extension or expansion of the clean energy tax credits.

“EEI’s member companies are leading a clean energy transformation and are working to get the energy we provide as clean as we can as fast as we can, without compromising the reliability and affordability that our customers value. We plan to make major capital investments over the next several years to achieve our clean energy and carbon reduction goals. It is important to our customers that these investments be made cost-effectively. Congress should not undermine the Act’s climate goals—and raise costs for electricity customers—by imposing a minimum tax on the capital that needs to be deployed to achieve them.

“We remain hopeful that Congress can reach agreement and pass a bill that includes a robust clean energy tax package, while also protecting the value and customer benefits of these tax credits. We strongly urge lawmakers not to include a 15-percent corporate minimum tax on book income in the final legislation.”