HOUSTON - Congressman Kevin Brady (R-TX) has introduced legislation targeted to help America combat the hidden destruction of critical energy industry infrastructure. NACE International has worked closely with Congressman Brady to introduce this legislation as a means of preserving the country’s essential infrastructure.
The Corrosion Prevention Act of 2009 (HR 3462) introduced by Congressman Brady amends the Internal Revenue Code to allow a two-year, 50 percent business-related tax credit for engineering design, materials, and application and installation of corrosion prevention and mitigation technology for energy-related property. The business tax credit applies to businesses in all aspects of the energy industry that apply corrosion prevention and mitigation technologies that exceed the expenditures incurred to satisfy current federal, state or local requirements.
HR 3462 attracted bipartisan support with original co-sponsorships from Congressman Mike Conaway (R-TX), Congresswoman Betty Sutton (D-OH) and Congressman John Culberson (R-TX).
HR 3462 is written to impact all aspects of the energy industry, including alternative energy infrastructure related to wind turbines and ethanol, as well as traditional fossil fuel plants, wells and oil rigs. Corrosion has been repeatedly noted as a primary reason for the deteriorating condition of America’s critical network of electric power, fuel storage and pipelines, as well as water systems, bridges, roads and hazardous materials facilities.