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Read. Follow. Verify.Senate Hearing on Tax Policy and Climate Change
Record date · January 1, 2022
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What This Bill Does
The Senate Finance Committee held a hearing to discuss how the U.S. tax code can be used to address climate change, create jobs, and promote energy independence. This was the committee's first hearing on the climate crisis in 12 years, following President Biden's goal to cut emissions by 50% by 2030.
The committee is evaluating whether to overhaul the existing , which currently consists of over 40 different provisions, to align with new national climate and emissions targets.
Who It Affects
Groups the bill's text affects, as described in the record. Being affected is not a position for or against it.
Energy Industry
The industry is subject to potential changes in tax incentives and credits related to energy production and emissions.
U.S. Taxpayers
Taxpayers may be affected by changes to the tax code that influence energy costs and national economic policy.
Key Facts
- The hearing took place on April 27, 2021, in the Dirksen Senate Office Building.
- This was the first Senate Finance Committee hearing on the climate crisis in 12 years.
- The committee is reviewing the current U.S. energy tax code, which contains over 40 distinct provisions.
- President Biden set a national goal to cut emissions by at least 50% by 2030 compared to 2005 levels.
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- The hearing focused on the intersection of tax policy, job creation, energy independence, and clean energy affordability.
- Witnesses included representatives from the BlueGreen Alliance, Portland General Electric, the American Enterprise Institute, and the Pennsylvania Chamber of Business and Industry.
Frequently Asked Questions
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How many energy tax provisions are currently in the U.S. tax code?
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News Coverage
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Discoveries
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Return to Climate Focus
The hearing marked the first time in 12 years that the Senate Finance Committee held a hearing specifically on the climate crisis.
Connected Entities
Sources
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Analysis Score
0–100- Significance80How much this matters to a regular citizen
- Controversy40Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz20Current news / social attention level
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