To build momentum for passing this important legislation to our industry, we are urging equipment manufacturers, fuel producers, forest owners, distributors, NGOs, and others to endorse this legislation now!
Last Congress, we came closer than ever to passing the BTU Act. Since then, BTEC has worked hard with allies from both parties to build support. We thank Sens. Angus King (I-ME), Susan Collins (R-ME), and Jean Shaheen (D-NH), and Reps. Peter Welch (D-VT) and Mike Kelly (R-PA) for their leadership.
By supporting the BTU Act, you are supporting energy independence, local jobs, and local community resources. The BTU Act benefits communities and businesses that rely on often higher priced and imported fossil fuels by:
-Keeping hard-earned dollars within communities through the purchase of locally produced fuel (according to EIA, approximately 80 cents of every $1 spent on heating oil leaves the community)
-Providing the estimated 19 million Midwest, Northeast, and Western homes and businesses not connected to natural gas an affordable and renewable heating option
-Creating jobs in the wood heating supply chain, increased disposable income, and wealth retention
-Creating net benefits the taxpayer because of dollars saved and taxes generated on new economic activity
Your support of the BTU Act also supports parity for modern wood heating with other renewable energy technologies. High-efficiency wood heating systems are currently not eligible for commercial or residential investment tax credits. The BTU Act corrects this oversight and levels the playing field by:
-Including residential high-efficiency biomass thermal property in Section 25D of the tax code, with a 30% credit for equipment with an efficiency rating of at least 75%
-Promoting commercial and industrial biomass thermal investments through a tiered credit for 15% or 30% of the installed cost of biomass-fueled heating (or cooling) systems, with a 15% credit for systems 65%-80% efficient, and a 30% credit for systems 80% efficient and above
Both credits would have no cap and would be available for biomass thermal systems placed in service after December 31, 2016 through 2022.
We look forward to you reaffirming your support of the BTU Act, or confirming your support for the first time! For more information on the BTU Act, visit http://biomassthermal.org/legislative/BTU%20Act.asp.