“After Devastating Hurricanes Like Helene and Milton, Florida Families Are Trying to Rebuild, and High Power Bills Are the Last Thing They Need.”
Legislation Allows Electric Utilities in Disaster Zones to Transfer Existing Tax Credits to Speed Restoration Efforts and Lower Costs for Consumers
WASHINGTON — Today, Congressman Vern Buchanan, Vice Chairman of the House Ways and Means Committee and co-chair of the 30-member bipartisan Florida congressional delegation, announced the introduction of the Disaster Zone Energy Affordability and Investment Act alongside Congressman Greg Steube (R-Fla.) and a coalition of bipartisan colleagues. Senators Lindsey Graham (R-S.C.) and Maria Cantwell (D-Wash.) introduced companion legislation in the Senate.
The Disaster Zone Energy Affordability and Investment Act would help electric utilities in federally declared disaster areas transfer select general business credit carryforwards to future years, helping communities recover faster and keep energy costs affordable in the wake of major storms.
“After devastating hurricanes like Helene and Milton, Florida families are trying to rebuild, and high power bills are the last thing they need,” said Buchanan. “The Disaster Zone Energy Affordability and Investment Act gives electric utilities the flexibility they need to restore service faster following major disasters while passing savings on to consumers. By allowing electric utilities in disaster zones to transfer existing tax credits, this bill frees up capital to invest in recovery and repair damaged energy infrastructure. Our bill helps communities recover stronger and prepares Florida for the next hurricane season.”
“Natural disasters and emergencies often complicate the delivery of public utilities including electricity,” said Steube. “My bill would increase financial flexibility and savings for producers and customers alike by making the tax code more responsive to on the ground needs of Americans living in disaster zones. From reducing the cost of storm restoration efforts to guaranteeing market liquidity in disaster areas, the Disaster Zone Energy Affordability and Investment Act will better prepare Florida for the next hurricane season.”
Joining Buchanan and Steube in introducing the legislation are Representatives Suzan DelBene (D-Wash.), Chuck Edwards (R-N.C.), Pat Harrigan (R-N.C.), Richard Hudson (R-N.C.), Jared Moskowitz (D-Fla.), Greg Murphy (R-N.C.), Terri A. Sewell (D-Ala.) and Darren Soto (D-Fla.).
The legislation is supported by Florida Power & Light Company and Duke Energy.
“The Disaster Zone Energy Affordability and Investment Act provides a smart, practical way to accelerate recovery in communities impacted by major storms,” said Armando Pimentel, CEO of Florida Power & Light. “This legislation will help speed the rebuilding of critical energy infrastructure and help reduce costs for customers. We appreciate Congressman Buchanan’s leadership in advancing win-win solutions that help disaster-stricken communities rebuild faster and more affordably.”
Buchanan has a strong record of supporting Florida communities recovering from the impacts of hurricanes. In 2024, Buchanan led a letter signed by the entire Florida delegation calling on President Biden to approve Gov. DeSantis’ request for an expedited Major Disaster Declaration in the wake of Hurricane Milton. He also led a bipartisan letter in November 2024 to congressional leadership, co-signed by 32 members, calling for new funding to help replenish the Small Business Administration’s disaster loan program.
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