A group of 18 House Republicans on Wednesday urged House Speaker Mike Johnson not to pursue a blanket repeal of the subsidies included in President Joe Biden's signature climate change law.
Lawmakers I have written They urged Johnson not to repeal the Inflation Control Act's (IRA) energy sector-wide tax credits, particularly those that are stimulating development already underway across the country. The IRA became law in 2022. Without it One Republican vote said he believes the law is “deeply flawed” but doesn't want all tax credits eliminated because it would “spend billions of dollars of taxpayer money and get almost nothing in return.”
“Many U.S. businesses already currently take advantage of sector-wide energy tax credits, many of which have historically enjoyed bipartisan support. Industry and constituents have expressed concern that the Republican repeal effort could once again overturn the energy tax system,” the lawmakers wrote in their letter to Johnson. “Prematurely repealing energy tax credits, especially those used to justify investments that have already begun, would undermine private investment and halt development already underway.” (Related: Chamber of Commerce, Big Oil Companies Try to Protect Biden's Climate Change Law from Trump's Repeal)
IRA Letter to 18 Republican Senators by Nick Pope On Scribd
“We must protect and improve policies that increase our nation's energy independence and enhance the energy security of Americans, while reversing policies that harm American families,” the letter states. “As Republicans, we support an all-of-above approach to energy development and tax credits, encouraging domestic production, innovation and supply from all sources.”
Republican Representatives Mariannette Miller Meeks (Iowa), Buddy Carter (Georgia), and John Curtis (Utah, running for Senate) signed the letter, along with Republican Representatives Andrew Garvarino (New York), David Valadao (California), Lori Chavez DeRemer (Oregon), Marc Molinaro (New York), Young Kim (California), Jenn Kiggans (Virginia), Don Bacon (Nebraska), and Erin Houchin (Indiana).
“The IRA was a bad bill that needed to be reformed, but let's not squander something great. The energy tax credit has spurred huge investment in American energy production, created good-paying jobs, and spurred innovation,” Garbarino said in a statement shared with the Daily Caller News Foundation. “We need to debate and fully consider this issue, rather than jumping prematurely to total repeal.”
In the end, Goldman Sachs project The true cost of IRA energy subsidies could eventually reach $1.2 trillion by 2032. IRA subsidies and projects supported by the bill are flowing to Republican districts across the country, creating potential political problems for lawmakers whose districts saw development spurred by the bill they initially opposed. according to To Bloomberg News.
The offices of Reps. Miller-Meeks, Carter, Curtis, Valadao, Chavez-DeRemar, Molinaro, Kim, Kiggans, Bacon and Houchin did not immediately respond to requests for comment. The offices of Reps. Mike Lawler, Anthony D'Esposito, Nick LaRota, Thomas Kean of Ohio, David Joyce of Arizona, Juan Siscomani of Nevada and Mark Amodei, who signed the letter, also did not immediately respond to requests for comment.
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