If Trump wins re-election, will Biden’s clean energy tax credits be reversed?

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Joe Biden’s clean energy tax credits Set to Stay, Regardless of Election Outcome

Washington DC – Key clean energy tax credits proposed by Joe Biden are now officially enshrined in law and are unlikely to face reversal, even if Donald Trump emerges victorious in the upcoming presidential race, according to a senior government official.

The Inflation Reduction Act

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White House officials say Joe Biden’s clean energy tax credits are not likely to be reversed should Donald Trump win the presidency in November. © Collage: POOL / GETTY IMAGES NORTH AMERICA / Getty Images via AFP & SAUL LOEB / AFP

The 2022 Inflation Reduction Act (IRA) – a cornerstone of Biden’s presidency – includes tax credits, subsidies, and grants totaling billions of dollars to propel America’s energy transition forward.

Despite opposition from some Republicans, including Trump, who is considering ways to undermine Biden’s landmark legislation if he wins the election, White House national economic advisor Lael Brainard expressed confidence that crucial elements of the IRA would remain intact.

Brainard emphasized that the clean energy tax credits are now firmly established in law and are expected to be faithfully implemented under any circumstances.

Impacts and Implementation

Brainard highlighted that over 100,000 Americans have already benefited from Biden’s electric vehicle tax credit, with 21 out of 24 credits currently operational, and the remaining set to take effect next year.

Community Support and Advocacy

Commenting on the complexity of the regulations, Brainard stressed the significant time investment required for drafting and amending them.

She also noted the strong support from various sectors, including investors, businesses, and labor groups, who are expected to advocate fiercely for these initiatives.

Despite initial opposition from some Republican members, many are now endorsing the investments within their districts, signaling a shift in sentiment towards the Inflation Reduction Act.

Read More of this Story at www.tag24.com – 2024-05-11 23:40:00

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