Technology for Energy Security Act
Technology for Energy Security Act
Plain Language Summary
# Technology for Energy Security Act Summary **What the Bill Does:** The Technology for Energy Security Act would extend a federal tax credit for fuel cell energy systems by eight years. Currently, businesses and property owners can claim a tax credit covering up to 30% of their fuel cell installation costs, but only if construction begins by December 31, 2024. This bill would push that deadline to December 31, 2032, giving people and companies an additional eight years to take advantage of the incentive. **Who It Affects:** The bill primarily affects businesses, manufacturers, and property owners considering investing in fuel cell technology—which generates electricity through a chemical reaction with hydrogen. The tax credit makes these systems more affordable by reducing federal tax liability.
Fuel cell companies and the clean energy sector would also benefit from the extended timeline, as it could increase demand for their products. **Current Status:** The bill was introduced by Rep. Claudia Tenney (R-NY) and is currently in committee review. No action has been taken yet, and the bill has not advanced to a full House vote.
CRS Official Summary
Technology for Energy Security ActThis bill extends the energy investment tax credit for qualified fuel cell property for eight years. Under current law, an energy investment tax credit of up to 30% of the cost of qualified fuel cell property is available provided construction of the qualified fuel cell property begins on or before December 31, 2024. This bill extends the energy investment tax credit to include qualified fuel cell property where construction begins on or before December 31, 2032.
Latest Action
Referred to the House Committee on Ways and Means.