Letter to the Hon. Nancy Pelosi, Speaker of the House and to the Hon. Kevin McCarthy, Minority Leader - Congressmen Panetta and Cook Lead Bipartisan Letter in Support of Clean Energy Jobs

Letter

Dear Speaker Pelosi and Leader McCarthy,
As our constituents struggle with the fallout of COVID-19 and the resulting economic turmoil,
we appreciate your bipartisan efforts to stem the pain and provide a path forward to recovery for
businesses and individuals in our districts.
We ask you to assist those working in construction, engineering, manufacturing, and small
business--the engines of our economy. This includes the energy-related private-sector
companies developing and constructing projects eligible for incentives provided by sections 48
and 25D of the Internal Revenue Code. Both code sections include "phase downs" of their
respective energy investment incentives. We are concerned that if these phase downs are not
extended or pushed out, these companies will face disastrous financial impacts that could be
avoided.
These companies and workers play an integral role in U.S. energy independence and
diversification; they now face unprecedented uncertainty. COVID-19 is devastating many of
these businesses, with thousands of cancelled sales. Even worse, this crisis threatens the pipeline
of new projects. Layoffs and furloughs are already underway and thousands more jobs are in
jeopardy.
It often takes years for these businesses to build up a customer base, hire and train employees,
and create a sales pipeline that can sustain a private enterprise. All that is now being undermined
in the blink of an eye.
To help these companies and workers weather the crisis, and utilize the tax-incentive tools
Congress created, we urge you to provide relief by delaying and pushing out the phase downs of
the incentives in sections 48 and 25D of the Internal Revenue Code, and consider ways to
address financing implications to energy companies more generally. This would allow these
companies the ability to rebuild lost sales pipelines, retain workers, and carry forward with what
can once again be a thriving American industry.
We appreciate your support and are pleased to work together.