GOP bill ends all energy tax credits

Sen. Mike Lee (R-Utah) introduced a bill that would end all tax credits for energy production — renewable and traditional.

“Washington should not be using taxpayer money to pick winners and losers in the energy industry,” Lee said Thursday. “Consumer-driven, free-market competition provides a much better way to ensure Americans have access to reliable, affordable energy. 

{mosads}S. 2279, the Energy Freedom and Economic Prosperity Act would end tax subsidies for wind, oil and ethanol, as well as all other energy producers. It would also reduce taxes to energy manufacturers. He says the bill “restores free-market competition” within the energy sector.

“The Energy Freedom and Economic Prosperity Act would level the playing field for all energy producers, forcing them to compete for consumer dollars rather than political favors,” Lee said.

Lee is likely to offer his bill as an amendment to S. 2262, an energy efficiency bill from Sens. Jeanne Shaheen (D-N.H.) and Rob Portman (R-Ohio), which is expected to be debated on the Senate floor next week.

Rep. Mike Pompeo (R-Kan.) has introduced a companion measure in the House.

“American families shouldn’t have to subsidize energy companies when they’re having trouble enough paying their utility bills,” Pompeo said. “Companies should have customers, not political patrons.”