House GOP wants to cut parts of the Inflation Reduction Act while sparing others

Republican leadership in the Ways and Means committee of the U.S. House of Representatives released Monday night a draft of a reconciliation bill that seeks to undo much of the Inflation Reduction Act. The landmark 2022 law implemented a range of incentives that spurred the production of clean energy, electric vehicles, carbon capture, and battery storage. Since the IRA was enacted, the law has spurred more than $275 billion in private investment in the United States. House Republicans’ axe has fallen in places both expected and surprising. Under the “expected” column: Electric vehicle tax credits and the ability to transfer tax credits for clean energy production from one organization to another. The EV tax credit gives consumers up to a $7,500 tax credit on the purchase of an EV; the bill proposes ending the credit in 2026 and reinstating a cap of 200,000 vehicles per manufacturer. Several companies, including Tesla, GM, and Toyota, hit that cap years ago. The transferability cl ... Read full article.