Kathy Hochul on Energy & Oil

	Kathy Hochul on Energy & Oil

EmPower Plus helps low-income families retrofit their homes

So today, I'm proposing an ambitious series of policies to insulate our most vulnerable households from exorbitant energy bills, and to clear the path forward for a more sustainable future.We're calling it "The EmPower Plus" program, and it will help low-income families retrofit their homes by adding insulation, upgrading appliances, and switching from fossil fuels to clean electric heating systems. Source: 2023 State of the State Address to the New York legislature , Jan 10, 2023

End new fossil-fuel-powered heating equipment by 2030

I'm proposing a plan to end the sale of any new fossil-fuel-powered heating equipment by 2030. And I'm calling for all new construction to be zero-emission, starting in 2025 for small buildings and 2028 for large buildings. We are taking these actions because climate change remains the greatest threat to our planet, and to our children and grandchildren. Source: 2023 State of the State Address to the New York legislature , Jan 10, 2023

$500 million investment in offshore wind energy

I'm now announcing a nation-leading, $500 million investment in offshore wind energy that will create thousands of good-paying green jobs. As we build out our wind-energy capacity, and continue our transition to clean energy, our reliance on fossil fuels must be phased out. New construction in the State will be zero-emission by 2027, and we will build climate-friendly, electric homes and promote electric cars, trucks, and buses. Source: 2022 State of the State Address to the New York legislature , Jan 5, 2022

$5 billion in tax credits for alternative energy projects.

Hochul signed SEAM Act

Security in Energy and Manufacturing Act of 2011 or the SEAM Act of 2011 - Amends the Internal Revenue Code to expand the qualifying advanced energy project credit by allocating in 2011 $5 billion of grants or tax credit amounts to manufacturers of goods and components (other than for assembly of components) in the US that are used in alternative energy projects.

[Explanatory note from americanprogress.org]:

The SEAM Act provides financial assistance to US manufacturing companies that want to retool their factories for the clean energy economy. By promoting growth of the manufacturing sector, this legislation has the potential to create badly needed jobs that can put Americans back to work.

The SEAM Act goes a step beyond just providing more funding. It amends the existing terms of the funding to increase its effectiveness. The new Manufacturing Tax Credit would prioritize funding for companies that provide supplies over those that assemble goods. Drawing this distinction helps target support for companies that need it most. There`s another benefit to supporting supply companies over assembly companies. Both types of companies promote economic development, but workers in the supply chain, such as tool and die workers, welders, and machinists, are generally paid more than workers in the assembly chain.

In addition to being an effective tool for economic recovery, the SEAM Act provides an example of a well-designed tax expenditure. More than 60% of federal support for the energy industry is now delivered via `tax expenditures`--government spending programs that deliver subsidies through the tax code via special tax credits, deductions, exclusions, exemptions, and preferential rates--and a recent hearing in Congress indicates that this trend is likely to continue. Problem is, many of these tax expenditures are questionable at best.

Source: HR.724&S.591 11-HR0724 on Mar 15, 2011

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