A top Democrat wants Biden’s infrastructure bill to reduce energy tax breaks, limit them to green initiatives

A top Democrat wants Biden’s infrastructure bill to reduce energy tax breaks, limit them to green initiatives

President Joe Biden's coming infrastructure plan should dramatically reduce tax breaks for the energy industry and focus them on green initiatives, the chairman of a powerful Senate committee told CNBC.

Sen. Ron Wyden, who leads the Senate Finance Committee, said such an overhaul is at the top of his agenda.

"I think this would trigger a real transformation for the economy," Wyden, D-Ore., said in an interview.

Congress is still in the process of passing Biden's $1.9 trillion Covid relief measure, which is expected to head to the president's desk next week. Yet Democrats have already begun turning their attention to a massive infrastructure initiative, which Biden has dubbed "Build Back Better." The White House has begun meeting with lawmakers from both sides of the aisle to seek input on a multitrillion-dollar package.

Wyden's committee has jurisdiction over the nation's tax code and would be responsible for crafting major portions of Biden's infrastructure plan, making him a key player in the negotiations over the contours of the bill.

Wyden called the system of 44 separate tax breaks for the energy industry "dilapidated," and said his goal is to replace them with just three: one for clean energy, one for clean transportation fuel and one for