Written by by NICK POPE at dailycaller.com
A group of 18 House Republicans asked House Speaker Mike Johnson to not pursue a wholesale repeal of subsidies contained in President Joe Biden’s signature climate law on Wednesday.
The lawmakers wrote to Johnson to urge him to not repeal energy sector-wide tax credits from the Inflation Reduction Act (IRA), especially those that have already spurred ongoing development across the country. The IRA became law in 2022 without a single Republican vote, and while the lawmakers said they believe the law is “deeply flawed,” they do not want to see the repeal of all tax credits because “we would have spent billions of taxpayer dollars and received next to nothing in return” for that spending.
“Today, many U.S. companies are already using sector-wide energy tax credits – many of which have enjoyed bipartisan support historically – to make major investments in new U.S. energy infrastructure. We hear from industry and our constituents who fear the energy tax regime will once again be turned on its head due to Republican repeal efforts,” the lawmakers wrote in their letter to Johnson. “Prematurely repealing energy tax credits, particularly those which were used to justify investments that already broke ground, would undermine private investments and stop development that is already ongoing.”