WASHINGTON, Dec. 4, 2024 -- More than two dozen major companies are heading to Capitol Hill this week for a series of meetings with Republican members of Congress to make the business and economic case for maintaining the federal clean energy tax credits and other incentives that were included in the Inflation Reduction Act of 2022.
"Businesses have been major supporters of the clean energy tax because of their economic benefits"
The meetings this week mark the first since the 2024 Presidential election, the outcome of which will have major implications on tax policy in 2025. As Congress prepares to comb through the tax code, business leaders attending the meetings this week are making the clear case to maintain the clean energy tax credits that are delivering investment, manufacturing jobs, energy projects, and reduced costs to members' states and Congressional districts.
Businesses participating in meetings include AES Corporation, Amalgamated Bank, Avangrid, DHL Group, HASI, Heirloom, Hitachi Energy, IKEA USA, the National Ski Areas Association, ReVision Energy, and Samsung Electronics America.
Businesses have been major supporters of the clean energy tax because of their economic benefits, including the creation of manufacturing jobs, the strengthening of domestic supply chains to bolster U.S. competitiveness, and the delivery of affordable, reliable, American-made clean energy.
Since the Inflation Reduction Act was signed into law in 2022, the tax credits have positioned the U.S. as a global magnet for clean energy investment. They have already unleashed more than $350 billion in new private investment, creating more than 330,000 new jobs to manufacture and deploy clean technologies like batteries, vehicles, solar panels, and much more in the U.S. Most of the private clean energy investment since the Inflation Reduction Act became law has gone to Republican-held districts.
At Capitol Hill events organized by the responsible business organization Ceres, companies have met with policymakers on both sides of the political aisle to make the economic case for preserving the tax credits throughout 2024. Over the summer, 18 Republican members of Congress —14 of whom are expected to be seated in the upcoming Congressional term — signed a letter urging Congressional leaders to maintain the clean energy tax credits.
"Federal clean energy tax credits and incentives are benefiting all Americans by bringing back U.S. manufacturing, ensuring energy security, and reducing costs for businesses and families across the country," said Zach Friedman, senior director of federal policy, Ceres.
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