As Congress hunts for savings to pay for an extension of the 2017 tax cuts, tax credits for clean energy projects outlined in the Inflation Reduction Act (IRA) are squarely in Republicans’ crosshairs for elimination. Since the IRA passed, hundreds of billions of dollars have gone into clean energy projects, more than half of which have landed into GOP districts.
Lobbyists are doing a full-court press to save those investments and jobs. If industries and companies don’t have a champion willing to speak up for their preferred tax credit as the Republican’s forthcoming tax and spending bill gets drafted, they risk being at the mercy of the process, Bracewell’s Liam Donovan told Bloomberg Law.
“With these slim margins [in Congress], one determined member makes all the difference, and leadership will be trying to navigate the path of least resistance,” said Donovan.
