Senator Maria Cantwell (D-WA) this week introduced the Fueling America’s Security and Transportation with Electricity Act of 2021 (FAST Electricity Act), which creates a new federal tax incentive to accelerate the manufacturing and adoption of all types of electrified transportation modes ranging from recreational boats to industrial equipment.
The FAST Electricity Act, described in the more detail here, would establish a 30% investment tax credit for any electrically propelled vehicle that is not an on-road passenger car or truck. The bill also provides a 30% investment tax credit for recharging or hydrogen refueling infrastructure needed to power the transportation vehicles of tomorrow.
“The recreational boating industry applauds Senator Cantwell’s introduction of the FAST Electricity Act that would enable marine businesses to invest in next generation propulsion technologies and associated charging infrastructure,” said Callie Hoyt, director of federal affairs at the National Marine Manufacturers Association. “Providing incentives to boost investments in greener products is a top policy priority for NMMA and we look forward to working with Congress as the industry looks toward advancing next-gen technologies to further reduce emissions and conserve energy.”
The FAST Electricity Act will expand the existing Advanced Technology Vehicles Manufacturing (ATVM) loan program to support expansion of domestic manufacturing of these new electric transportation options and the corresponding supply chains needed to produce them. Providing investment throughout the entire manufacturing ecosystem not only provide good jobs, but supports the innovation ecosystem needed to lead the future global market in electric transportation.