SE Kansas News

U.S. Senators Jerry Moran and Chris Coons have reintroduced the Financing Our Energy Future Act, a bill aimed at expanding financing options for energy projects. The legislation proposes allowing renewable energy resources and infrastructure projects to form as master limited partnerships (MLPs), a tax structure currently available only to traditional energy projects.

The act would make advanced nuclear, sustainable aviation fuel, hydrogen, biodiesel, biomass, carbon capture, and other emerging energy sources eligible for MLPs. "Being energy independent requires an all-of-the-above approach to energy production," stated the senators. They emphasized that the expansion of tax incentives would boost U.S. energy production, spur innovation, and reduce consumer prices.

The bipartisan effort is seen as a way to ensure all energy sources compete on equal terms. "The Financing our Energy Future Act is a straightforward, bipartisan solution that will bolster investment in American energy projects," said the senators. They believe it will create jobs and accelerate the transition to cleaner energy sources.

NIA expressed gratitude towards Senators Coons and Moran for recognizing the role of MLPs in supporting advanced nuclear energy leadership. "Their bipartisan Master Limited Partnerships legislation will help commercialize important innovations in advanced nuclear energy and other key technologies," they noted.

The Energy Infrastructure Council also praised the senators along with Representatives Estes and Thompson for their leadership on this issue. "This bipartisan legislation is one step that Congress can take this year to grow the energy economy to benefit all working-class Americans," they stated.

BPC Action commended the introduction of the act as an important step in incentivizing innovative energy technologies. They applauded Sens. Moran and Coons' leadership in leveling the playing field for novel energy projects.

An MLP is structured like a partnership but trades ownership interests like corporate stock on a market. Currently, by statute, MLPs are available only for oil, natural gas, coal extraction, and pipeline projects. This new legislation seeks to amend the Internal Revenue Code to extend these benefits to renewable energy power generation projects.

Other senators supporting this legislation include Susan Collins, John Barrasso, Roger Marshall, John Cornyn, Angus King, John Curtis, Kevin Cramer, Pete Ricketts, and Mark Warner.