Two California Democrats introduced a bill that would provide a bond program that would sell bonds to pay for clean energy tax incentives.
Reps. Zoe LofgrenZoe Ellen LofgrenRepublicans keep distance from 'Justice for J6' rally Spotlight turns to GOP's McCarthy in Jan. 6 probe Now is the time for bankruptcy venue reform MORE and Doris MatsuiDoris Okada MatsuiHouse Democrats press leaders to include more funding for electric vehicles in spending plan Lobbying world Nearly 140 Democrats urge EPA to 'promptly' allow California to set its own vehicle pollution standards MORE are calling the proposed bonds “victory bonds,” after war debt that the Treasury Department sold to fund World Wars I and II.
“Individual citizens helped turn the tide in World War II with victory bonds, and we can do that again for the energy and environmental challenges we face by allowing folks to invest in innovative technologies that yield a profitable return for the investor and to society,” Lofgren said in a statement.
The money raised, which the bill would limit to $50 billion, would go to fund and extend current tax credits that incentivize clean energy, including renewable energy production and investment credits, energy efficient home credits and plug-in electric vehicle credits. It would not establish any new credits or change the existing ones.
“Investing in clean energy technology spurs economic development and job creation, protects our environment, and ensures that the United States remains a world leader in the clean energy economy,” Matsui said.
Treasury would sell the bonds at denominations as low as $25.