GREEN Act of 2021

extends for five years the tax credit for production of electricity from certain renewable resources (e.g., wind facilities, biomass, landfill trash facilities), allows an election to treat certain tangible property as energy property for purposes of the energy tax credit, and modifies certain provisions of the energy tax credit and expands the credit for four years;

expands the 30% energy tax credit to include energy storage technology or qualified biogas property;

extends for one year the tax credit for carbon oxide sequestration;

allows elective payments in lieu of certain energy-related tax credits;

modifies the phaseout provisions of the income and excise tax credits for biodiesel and renewable diesel and alternative fuels and extends the termination date for such credits;

extends and increases the tax credits for nonbusiness energy property and the new energy efficient home tax credit;

extends for five years the residential energy efficient property tax credit;

increases the tax deduction for energy efficient commercial buildings;

modifies the limitations on new qualified plug-in electric drive motor vehicles tax credit and allows a new credit for such vehicles that are previously-owned;

allows a new tax credit for zero emission heavy vehicles (vehicles with a gross weight rating of not less than 14,000 pounds and not powered by an internal combustion engine);

extends for five years the tax credits for qualified fuel cell motor vehicles and alternative fuel cell refueling property;

provides for additional allocations of the advanced energy project tax credit;

allows a new tax credit for the labor costs of installing mechanical insulation property;

allows a new tax credit to promote environmental justice programs (programs to improve health and economic outcomes of individuals residing in low-income areas or areas populated disproportionately by racial or ethnic minorities); and

requires the Department of the Treasury to report on the utility of data from the Greenhouse Gas Reporting Program for determining the amount of greenhouse gases emitted by taxpayers for purposes of imposing a fee on them for such emissions.