Article Summary –
Rep. Andrew Garbarino (R-N.Y.), who co-chairs the bipartisan Climate Solutions Caucus, stated he would not support the repeal of many clean energy tax credits in President Biden’s 2022 climate law. Garbarino also indicated that a number of his Republican colleagues would likely feel the same. He pointed out that many companies are investing heavily in red states to qualify for tax credits related to electric vehicle manufacturing, new nuclear power plants, clean energy research, and more.
Republican leaders Support Clean Energy Tax Credits
The Republican leader of the congressional climate change caucus will not back the repeal of several clean energy tax credits embedded in President Joe Biden’s 2022 climate law. Rep. Andrew Garbarino (R-N.Y.), co-chair of the bipartisan Climate Solutions Caucus, revealed at POLITICO’s Energy Summit that many GOP members are in favor of these provisions.
Political Climate and Energy Policies
Despite Republicans not voting for the law, which allocates $369 million to climate and clean energy programs, Garbarino suggests widespread GOP support. He also indicated that even if former President Donald Trump wins reelection and the GOP retains a House majority, many renewable energy incentives would likely persist if aspects of the Inflation Reduction Act are repealed.
Future of Clean Energy Tax Credits
Garbarino emphasized his opposition to the repeal of many tax credits. He noted the significant investments companies are making in red states to receive tax credits for endeavors such as electric vehicle manufacturing, new nuclear power plants, and clean energy R&D, indicating a strong likelihood of these credits remaining in place.
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