Statement by CEO of NextEra Energy on House Committee Hearing on Expiring Tax Provisions

NextEra Energy

Chairman and CEO Lew Hay issued the following statement on today's hearing of the Subcommittee on Select Revenue Measures of the Ways and Means Committee of the U.S. House of Representatives: "America's tax code needs reform. High corporate tax rates place U.S. firms at a competitive disadvantage with those from most other industrialized nations, and the complexity of our tax structure imposes high costs of compliance as well. Moreover, the temporary nature of many tax provisions creates additional uncertainty for job creators, especially for those of us in capital-intensive industries that realize returns over many years or even decades. "While Congress considers options to make America's tax code more competitive, current tax policy that encourages private investment in U.S. manufacturing jobs should continue. One example of sensible tax policy is the Production Tax Credit for renewable energy. The PTC does not enable the federal government to choose which companies prosper, but rather creates a market in which smart investments and sound operations can be successful, and in which U.S. customers reap the benefits of a diversified energy portfolio. The PTC enables our country to pursue an 'all of the above' energy strategy. "The PTC has leveraged more than $60 billion of private investment in the wind industry alone. This industry directs capital to rural America, and supports a manufacturing base that has more than doubled since 2004, and now includes more than 400 manufacturing facilities across the country.