Senator Bob Casey and seven other lawmakers have requested the Biden Administration to expand the scope of IRA Clean Energy Tax Credits.
Expansion of IRA Clean Energy Tax Credits
The Senators sent a letter to Treasury Secretary Janet Yellen, wherein they highlighted the need for the Expansion of IRA Clean Energy Tax Credits to support every link in the clean energy supply chain. This would include the production of critical minerals especially in the state of Pennsylvania.
The clear purpose of Section 45X was to encourage investment in the United States and to build a reliable and resilient domestic supply chain for critical minerals right here at home, according to the Senators explaining through letter their request regarding the Expansion of IRA Clean Energy Tax Credits.
By excluding a significant portion of the production costs from the credit, they argue, the Treasury would depress investment at home and inadvertently increase the reliance on nations not aligning with American democratic and geopolitical values.
The IRA Clean Energy Tax Credits are intended to empower the country in its shift towards a clean, resilient, and domestically sourced energy infrastructure
The Senators are requesting the Biden Administration to broaden IRA Clean Energy Tax Credits to support a clean energy supply chain. Excluding raw materials from IRA Clean Energy Tax Credits could hinder domestic mineral production for clean vehicles. The Senators are calling for a revision to maintain the competitiveness and energy independence of the country.
The Biden Administration’s reply to this plea for revision of IRA Clean Energy Tax Credits could profoundly influence the future of critical mineral extraction and clean energy generation in the country.
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