A Bill has been introduced in the United States that supports the continued adoption of both hydrogen and fuel cell technology.
Quick to react to the news, Plug Power has strongly supported the movement of the Bill – called the Fuel Cell Tax Extenders Act of 2015.
Introduced by Representative John Larson, with original co-sponsors Representatives Paul Tonko and Chris Gibson on Friday, September 18, 2015. The bi-partisan bill will extend federal incentives for residential, commercial and vehicular fuel cell use as well as extend and expand credits for hydrogen infrastructure.
This legislation will provide important certainty for fuel cell manufacturers and Plug Power’s GenDrive and ReliOn customers.
The current tax incentives for fuel cell vehicles and hydrogen infrastructure are set to expire at the end of this year, while the fuel cell investment tax credit for material handling and stationary fuel cells will end on December 31, 2016. This legislation will extend all of the credits through the year 2021.
The Fuel Cell Extenders Act of 2015 helps to level the playing field, enabling customers of all sizes to invest in new business-improving technology like hydrogen fuel cells.
“The existing tax credits have been very successful in sparking great interest and demand for hydrogen and fuel cell solutions, thus passing this bill now will help keep that momentum strong,” said Andy Marsh, CEO at Plug Power. “I commend Representatives Larson, Tonko and Gibson for their steadfast support for hydrogen fuel cell technology adoption and for Plug Power’s continued growth.”
Speaking about the importance of the fuel cell and hydrogen revolution, Congressman Tonko said, “Fuel cell technology has gained widespread traction because of the efficiency and productivity gains that are realised. This is something everyone can get on board with.”
“This legislation extends a critical and robust tax credit that will provide the incentive for large-scale conversions to this clean technology at manufacturing and distribution centres across the country, which will ultimately lead to new jobs. I thank Congressman Larson for his commitment to encouraging innovation and making energy efficiency our fuel of choice.”