TL/DR –
US Senator Joe Manchin is urging American companies to sue the Treasury Department over the local content rules set for companies to qualify for clean energy tax credits under the Inflation Reduction Act (IRA). He argues that the rules are detrimental to US manufacturers, and that the Treasury has halved the content rules from the original legislative language. He is supporting any such lawsuits and believes the Treasury will lose in court.
Manchin Urges US Companies to Challenge Treasury Department on Clean Energy Credits
Joe Manchin, U.S. Senator, has encouraged US companies to challenge the Treasury Department’s local content requirements set for clean energy tax credits under the Inflation Reduction Act (IRA). During a Senate Appropriations Committee hearing, he voiced his concerns to Treasury Secretary Janet Yellen, stating that the current content requirements are harming U.S. manufacturers.
Manchin’s issue stems from the Treasury Department’s adjustment of the original content rules specified in the IRA, reducing them by half. “I’m urging every producer to sue you, and I will support with an amicus brief…you’ll lose every case,” he commented, displaying posters that compare the legislation’s initial content requirements with the final rules decided by the Treasury.
This article was automatically generated from a syndicated feed. No alterations have been made by Devdiscourse staff.
—
Read More US Economic News