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Innovative Energy Manufacturing Act of 2021
1/11/2023, 1:43 PM
Summary of Bill HR 507
Bill 117 HR 507, also known as the Innovative Energy Manufacturing Act of 2021, aims to promote the development and manufacturing of innovative energy technologies in the United States. The bill focuses on supporting research and development in the energy sector, as well as providing incentives for companies to invest in clean energy manufacturing.
One key aspect of the bill is the establishment of a grant program to provide funding for research and development projects related to innovative energy technologies. These grants would be awarded to companies and research institutions that are working on cutting-edge energy solutions, such as renewable energy sources, energy storage technologies, and energy efficiency improvements.
Additionally, the bill includes provisions to support the manufacturing of these innovative energy technologies in the United States. This includes tax incentives for companies that produce clean energy products domestically, as well as funding for workforce training programs to support the growth of the clean energy manufacturing sector. Overall, Bill 117 HR 507 aims to boost innovation and manufacturing in the energy sector, with the goal of creating jobs, reducing greenhouse gas emissions, and increasing energy independence in the United States.
One key aspect of the bill is the establishment of a grant program to provide funding for research and development projects related to innovative energy technologies. These grants would be awarded to companies and research institutions that are working on cutting-edge energy solutions, such as renewable energy sources, energy storage technologies, and energy efficiency improvements.
Additionally, the bill includes provisions to support the manufacturing of these innovative energy technologies in the United States. This includes tax incentives for companies that produce clean energy products domestically, as well as funding for workforce training programs to support the growth of the clean energy manufacturing sector. Overall, Bill 117 HR 507 aims to boost innovation and manufacturing in the energy sector, with the goal of creating jobs, reducing greenhouse gas emissions, and increasing energy independence in the United States.
Congressional Summary of HR 507
Innovative Energy Manufacturing Act of 2021
This bill provides for additional annual allocations, in 2022 through 2026, of the qualifying advanced energy project tax credit. A qualifying advanced energy project is a project that reequips, expands, or establishes a manufacturing facility for the production of energy from alternative sources, including solar, wind, or other renewable resources.
The Department of the Treasury must report to Congress by the end of 2027 on domestic job creation attributable to the credit allocations made by this bill.
Read the Full Bill
Current Status of Bill HR 507
Bill HR 507 is currently in the status of Bill Introduced since January 28, 2021. Bill HR 507 was introduced during Congress 117 and was introduced to the House on January 28, 2021. Bill HR 507's most recent activity was Referred to the House Committee on Ways and Means. as of January 28, 2021
Bipartisan Support of Bill HR 507
Total Number of Sponsors
1Democrat Sponsors
1Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 507
Primary Policy Focus
TaxationPotential Impact Areas
- Air quality
- Alternative and renewable resources
- Climate change and greenhouse gases
- Congressional oversight
- Energy efficiency and conservation
- Energy storage, supplies, demand
- Hybrid, electric, and advanced technology vehicles
- Income tax credits
- Materials
- Wages and earnings
Alternate Title(s) of Bill HR 507
Innovative Energy Manufacturing Act of 2021
To amend the Internal Revenue Code of 1986 to extend the advanced energy project credit.
Innovative Energy Manufacturing Act of 2021
Comments
Sponsors and Cosponsors of HR 507
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