Washington, D.C. — Leading manufacturers are warning that the Republican tax bill would “weaken America’s economic and national security” by gutting Federal manufacturing incentives.
U.S. critical mineral and battery producers are sounding the alarm over the GOP tax bill’s changes to Federal manufacturing policies that manufacturers warn would undermine production and supply chains that are critical to manufacturing in Georgia and nationwide and give China a greater advantage.
“As the language now stands, the tax credit is rendered unworkable for industry,” the manufacturing groups wrote. “While the industry shares Congress’s desire for greater fiscal responsibility and deficit reduction, these changes further cede supply chain leadership to China and weaken America’s economic and national security.”
“We urge Congress to address these concerns regarding the 45X tax credit in order to stimulate the growth of a domestic battery and critical minerals supply chain, while still preventing China and other FEOC [Foreign Entity of Concern] nations from benefitting from this American tax policy,” the groups continued.
Last month, Sen. Ossoff sounded the alarm on the dangers to Georgia’s economic development if Republicans proceed with gutting the IRA.
According to an April report by Climate Power, Georgia ranks among the top states with jobs at risk if the IRA is repealed.
In 2022, Sen. Ossoff’s landmark legislation to establish an expanded solar manufacturing tax credit was signed into law as part of the Inflation Reduction Act to supercharge domestic solar energy manufacturing & strengthen American energy independence.
Click here to read the warning from leading manufacturing groups about the repeal of critical incentives.
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