On April 19, the House Ways and Means Committee held a hearing on “The U.S. Tax Code Subsidizing Green Corporate Handouts and the Chinese Communist Party.” The hearing focused on the tax breaks included in the partisan Inflation Reduction Act that was passed through the reconciliation process last Congress. The committee highlighted the tax credits increased expected cost to taxpayers, and the ability of foreign countries, including China, and larger corporations to benefit from these tax credits at the expense of taxpayers and smaller businesses throughout the country. Reports have indicated that Republicans in the House are considering a repeal of these tax credits as part of the negotiations surrounding the debt limit.

ABC submitted comments to the committee highlighting concerns with the IRA energy tax credits and the “bonus rate” tied to prevailing age and registered apprenticeships requirements. ABC believes that repealing these ill-advised tax credits will not only save taxpayer dollars but will also give Congress a new opportunity to work toward bipartisan energy incentivizes to unleash America’s potential and allow our entire qualified construction workforce to meaningfully participate in critical projects across the country.