House Ways and Means Committee proposes repeal of IRA in new tax bill
The House Ways and Means Committee proposed repealing the Inflation Reduction Act in its Build It America Act (HR 3938).
The committee says its goal is to replace the IRA with “comprehensive policies that create jobs and benefit hard-working Americans.”
This is the second attempt this year by the Republican-led House of Representatives to repeal the IRA. In April, the House of Representatives voted to repeal it in the debt ceiling negotiations, but the bill did not advance in the Senate. President Biden has vowed to veto the bill if it passes both chambers.
SEIA strongly cautioned against recent efforts to rescind IRA clean energy credits.
“We are calling on Congress to remove the Inflation Reduction Act’s solar and storage credits from the House Ways and Means tax package,” President and CEO Abigail Ross Hopper said in a press release. “In less than a year, these pro-business, pro-growth policies have fueled more than 65 GW of clean energy generation announcements across the country. These announcements translate into support for our communities and thousands of jobs where we need them most. They will also help us develop the solar supply chain, making the IRA one of the most important and effective policies we need to invest in our energy security.
“Repealing the IRA would destabilize the $35 billion solar market and hurt thousands of small businesses in the process. More than 255,000 Americans rely on their solar and storage jobs to support their families, and Congress must act to protect them,” he continued.
