WASHINGTON – U.S. Senator Darline Graham (R-South Carolina) cosponsored legislation to help South Carolina utility customers recover from damage to local energy infrastructure. The Disaster Zone Energy Affordability and Investment Act would allow energy producers to apply unused tax credits from prior years to pay for repairs to damaged energy infrastructure, thereby lowering the overall cost of these necessary projects, passing the savings onto consumers.
“I am proud to add my name to legislation to help South Carolina recover when disaster strikes. When Hurricane Helene hit South Carolina, critical energy infrastructure was decimated, leaving families and businesses without power for days, and in some cases even weeks. For some of our communities in South Carolina, the road to recovery is still ongoing,” said Senator Darline Graham.
“This legislation takes a practical approach to strengthening local energy infrastructure by helping energy producers invest in a more reliable and resilient electric grid. The Disaster Zone Energy Affordability and Investment Act is a pragmatic step to prepare for South Carolina’s future while keeping energy costs affordable for families and businesses,” concluded Senator Darline Graham.
The Disaster Zone Energy Affordability and Investment Act:
- This legislation would permit eligible, taxpaying energy producers to use certain tax credits – beyond current restrictions – to invest in areas designated as “disasters zones.”
- To qualify as a “disaster zone,” the area in question must be designated as such by either the President or a state governor.
- To receive the full benefit of the tax credits, investments must be used to support energy development projects that assist in the rebuilding of damaged energy infrastructure. By lowering the tax burden on energy producers contributing to reconstruction efforts, the total cost of these projects will be reduced, and communities will be able to rebuild faster after disasters and at a lower cost to the utility customer.