Tennessee representatives are not among the 21 members of the U.S. House Republican Conference and have signed a letter advocating a Biden-era Clean Energy Tax Credit to avoid the budget chopping block.
“Our constituency and the energy industry continue to be concerned about a disruptive change in our country’s energy tax structure,” the signator wrote. March 9th letter It houses Jason Smith, chairman of the Means and Means Committee.
Republican lawmakers from Arizona, California, Colorado, Georgia, Indiana, Iowa, Michigan, Nebraska, Nevada, New Jersey, New York, Ohio, Pennsylvania, Virginia and Washington have signed the letter.
They warned that companies have made private investments in the clean energy sector, realizing that tax credits will be enacted over the next decade. It says that phasing out these credits early or adding restrictions will put these projects at risk.
The Inflation Reduction Act (IRA) passed in 2022 was roughly featured $369 billion in clean energy incentive. In Tennessee, electric vehicle manufacturing facilities and businesses that manufacture components and batteries for vehicles have its own I received the benefits From a combination of loans, grants and tax credits created by law. The electric vehicle industry has been rooted in Tennessee and other southern states for the past few years, and has committed to creating thousands of jobs.
Clean Energy Programmes deemed to be contrary to President Donald Trump’s policy priorities It’s fluid This is the first time since Trump issued an executive order to suspend IRA funds on his first day in office.
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The representative who signed the letter expressed strong support for the Trump administration’s national energy control initiative, but called for changes to tax law to be “implemented in a targeted and practical way” that avoids “undoing domestic and future investments in the private sector, continuing to increase domestic manufacturing, promoting energy innovation and reducing practical costs.”
Two and a half years after the IRA was passed, Republican-led states, including Tennessee, have seen $223 billion in private investment in clean energy, manufacturing and industrial facilities. Clean Investment Monitor A database maintained by MIT’s Energy and Environmental Policy Research and Rhodium Group Centre. This means that 77% of the total $289 billion nationwide is invested in that time frame.
Tennessee has received an estimated $18 billion investment in clean energy projects since July 1, 2022, according to the Clean Investment Monitor database.
To date, $9.84 billion has been spent on manufacturing, utility power and industrial facilities from the IRA passage through December 31, 2024. During the same period, 24 facilities completed construction and began operation. Another 41 facilities remain in the pipeline.
The letter will come later Aug 6 letter Similarly, 18 Republican representatives signed, prompting efforts to abolish or reform the Inflation Reduction Act as “prioritize business and market certainty.” No Tennessee representative signed the letter.
A coalition of more than 150 House Democrats I wrote a letter He called on the Trump administration in January to be transparent about programs where the Inflation Reduction Act and the Inflation Investment and Employment Act were put on hold under the president’s executive order.
Memphis Rep. Steve Cohen was the only Tennessee representative to sign the letter.
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