Jeff Luse writes in The Hill about tax policies to spur energy innovation.
- With 2023 lining up to be a tough year for families and businesses, lawmakers can provide long term relief by extending the Research and Development (R&D) tax credit and immediate expensing, both of which will start being phased out this year.
- The R&D tax credit has allowed businesses to fully deduct research and development expenses in the year that they occured, which catalyzed private sector energy R&D.
- Enacted in 2017, immediate expensing allows the private sector to fully deduct the cost of new technological investments in the year that the purchases occured, which has benefited the environment and economy.
- By extending these provisions, Congress can bolster energy innovation which benefits the economy and protects consumers and businesses from future energy price shocks.
Read the full article here.