Rubio Introduces Bill Protecting American Manufacturing Ahead of Further Biden Climate Credits
Foreign Entities and American Manufacturers
The Biden Administration’s Inflation Reduction Act provides foreign entities, including foreign adversaries, with opportunities to receive generous tax credits. However, this poses a risk to American manufacturers as it may put them out of business.
Protecting American Manufacturing
U.S. Senator Marco Rubio (R-FL) has taken action ahead of the Biden Administration’s release of guidance for the “45X” production tax credit. He has introduced the Protecting Advanced American Manufacturing Act to prevent nations, particularly Communist China, from receiving American tax credits if their intentions are to weaken the U.S.
Statement from Senator Rubio
“President Biden has prioritized a radical climate agenda ahead of our national security, and his Inflation Reduction Act is giving foreign adversaries the opportunity to benefit from U.S. tax dollars while they simultaneously put American companies out of business. I am proud to introduce the Protecting Advanced American Manufacturing Act, which would ensure that future benefits for American companies do not end up in the hands of our adversaries.” – Senator Rubio
Companion Legislation in the House
U.S. Representative Carol Miller (R-WV) will introduce companion legislation in the House to support Senator Rubio’s efforts in protecting American manufacturing.
Statement from Congresswoman Miller
“The Biden Administration allowing China to access American tax credits is unacceptable. The weak guardrails from the Administration for the 45X tax credits continues to give China an advantage over American manufacturers, effectively killing American jobs and stifling innovation. The government’s first responsibility is to protect the United States, not give handouts to our adversaries. The Biden Administration and Washington Democrats have failed American taxpayers and American businesses on every account. We need a strategic decoupling from China; stopping them from taking our tax credits is the bare minimum.” – Congresswoman Miller
Blocking Eligibility for tax credits
- Any company that is owned, controlled by, operated by, under the substantial influence of, or organized under the laws of a foreign adversary;
- Any company whose equity interests are substantially held by a foreign adversary (10 percent or more);
- Any company whose management, ownership, or operations are directly controlled by a foreign adversary; or
- Any company that is controlled by a foreign adversary through a “prohibited financial arrangement,” including: debt, lease or sublease agreements, management or operating arrangements, contract manufacturing arrangements, licensing arrangements, and financial derivatives.
Get More Information
If you want more information about the Protecting Advanced American Manufacturing Act and its impact on American manufacturing, visit the official press releases on Senator Rubio’s website.
Read More of this Story at www.rubio.senate.gov – 2023-12-13 17:58:26
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