Trump allies eye changes to IRA tax credit rules

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Trump allies eye changes to IRA tax credit rules


Category: Business News

The Democrat-only IRA included a suite of tax credits for climate-friendly energy sources and electric vehicles as part of an effort to combat climate change. It also included money for grants that subsidize climate-friendly or pollution-cutting projects and a program to punish oil and gas companies for leaks of planet-warming methane. 

Since its passage, the law has been in the crosshairs of Republicans. If they win the White House and both chambers of Congress, they’re likely to aim for at least a partial repeal.

If they win the presidency but don’t get both houses of Congress — or need time to work out the specifics of a repeal — a second Trump administration could also go to executive action to curtail the law’s reach.

“We need a strategy for day one, thinking about how we can put the American taxpayer first,” said Oliver McPherson-Smith, director of the Center for Energy & Environment at the America First Policy Institute, a right-wing nonprofit that includes several Trump administration alumni.

Read full article here.

Source: The Hill