Tyler Hamman, vice president of Government Relations, provided an update on new incentives passed by Congress, and to discuss how those incentives have a positive effect on Basin Electric and its members.
Hamman focused on the Inflation Reduction Act (IRA) and the Infrastructure, Investment, and Jobs Act, saying, “The credit goes to all of you that took the time over the last few years to engage in what the cooperative family does best, grassroots advocacy.”
The IRA enacted direct pay for energy credits, and made several improvements to the existing suite of tax incentives, including the production tax credit, 45Q carbon capture tax credit, new incentives for hydrogen, and advanced materials and battery manufacturing that will help spur new domestic industries.
The Infrastructure, Investment, and Jobs Act made funds available for cooperatives to invest in new infrastructure, to improve their systems to meet new member needs, and to pursue economic opportunities.
“These new opportunities are game changers,” Hamman said.
Hamman stressed the importance of remaining cognizant that these two acts of Congress represent $2.5 trillion in new spending that we and several generations of future taxpayers will be responsible for funding.
“It is incumbent on all of us within the cooperative family to ensure that the opportunities available now are put to use in such a manner that benefits current members, while setting future members up for continued success,” he said.