Will Trump Reverse Biden’s Clean Energy Tax Credits if Reelected?
TL/DR –
Joe Biden’s clean energy tax credits, incorporated in the 2022 Inflation Reduction Act (IRA), are now law and are likely to withstand any attempts at reversal even if Donald Trump wins the upcoming presidential election, says a senior administration official. The IRA includes tax credits, subsidies, and grants amounting to hundreds of billions of dollars, aimed at bolstering America’s energy transition. Despite opposition from some Republicans, including Trump, White House national economic advisor Lael Brainard stressed that the IRA’s crucial elements would be hard to undo, with 21 out of the 24 credits already operative and the rest set to take effect next year.
Washington DC – Most of Joe Biden’s clean energy tax credits now have legal standing and are less likely to be revoked by Donald Trump if he captures the presidential election in November, according to a senior administration official.
The 2022 Inflation Reduction Act (IRA), a significant policy achievement of Biden’s presidency, includes tax credits and subsidies worth hundreds of billions of dollars to accelerate America’s energy transition. Despite opposition from some Republicans, including Trump, a senior official believes that even if Trump replaces Biden, reversing key elements of the IRA will be challenging.
White House National Economic Advisor Lael Brainard stated on Friday, “The IRA clean energy tax credits are law. Regardless of the scenario, I expect the law to be implemented faithfully.”
Brainard noted that 100,000 Americans have already benefited from Biden’s electric vehicle tax credit. She added that 21 out of 24 credits are now operational, with the remainder scheduled to roll out next year.
She emphasized that the “rules are complex, they take a long time to write, and they take a long time to amend.” Despite initial resistance from Republican members to the IRA, they are now strongly endorsing the investments within their districts.
—
Read More US Economic News