By Zack Colman | The Hill
A bipartisan, bicameral group of lawmakers revived legislation Wednesday that aims to spur renewable energy investment through a federal tax code tweak.
Lawmakers unveiled the Master Limited Partnerships Parity Act — spearheaded in the Senate by Sens. Chris Coons (D-Del.) and Jerry Moran (R-Kan.), and in the House by Reps. Ted Poe (R-Texas) and Mike Thompson (D-Calif.) — during a Wednesday news conference.
The bill would extend master limited partnerships to renewable energy projects ranging from wind power to energy efficiency. Currently, only oil-and-gas projects can use the financing mechanism.
“This market-driven solution supports the all-of-the-above energy strategy we need to power our country for generations to come. Our legislation will unleash private capital, create jobs and modernize our tax code,” Coons said in a statement.
Master limited partnerships are investment arrangements that are taxed like a partnership, but whose interests are traded like stock. Proponents say it helps reduce the cost of capital by spreading risk among more investors.
Since it’s a tax bill, the legislation will go through the Senate Finance Committee in the upper chamber, and the House Ways and Means Committee in the lower chamber.
The companion bills will have supporters in those committees.
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