WASHINGTON – July 29, 2022 (Investorideas.com Newswire) The Coalition for a Prosperous America (CPA) today released a statement applauding a provision in the Inflation Reduction Act that would provide tax credits for domestic production of multiple stages of the solar supply chain, including modules, photovoltaic cells, and solar-grade polysilicon. The provision resembles legislation introduced last year by U.S. Senator Jon Ossoff (D-GA) that seeks to boost U.S. domestic solar manufacturing, accelerate the transition to clean energy, and support American energy independence. CPA is also supportive of the reconciliation bill’s provisions that would invest in all forms of domestic energy production and manufacturing, as well as tax provisions that would limit multinational profit shifting and changes to the electric vehicle tax credit.
“This is a huge win for American solar manufacturers, and it could not come at a better time considering the Biden administration’s actions have consistently benefited China’s solar manufacturers from day one,” said Michael Stumo, CEO of CPA. “Long-term policies like this domestic solar manufacturing tax credit will boost manufacturing all along the solar supply chain, help create tens of thousands of jobs, and reduce our dependence on China. However, the White House and Congress must recognize that trade is a critical component to boosting U.S. solar manufacturing.”
In February, the Biden administration gutted Section 201 solar safeguard tariffs by excluding bifacial solar panels in its extension, a move that Bank of America bluntly called out as rendering the tariffs “largely toothless.” In June, the Biden administration issued a Solar Declaration of Emergency that effectively sabotaged the Department of Commerce’s investigation into whether Chinese solar manufacturers are illegally circumventing antidumping and countervailing duty (AD/CVD) orders. Instead of supporting robust enforcement of U.S. trade laws, the emergency declaration gives Chinese manufacturers a free pass to illegally circumvent AD/CVD orders for the next 24 months and protects them from retroactive duties – regardless of what the Commerce Department finds in its investigation.
CPA is also strongly supportive of two additional provisions in the Inflation Reduction Act. The first is a provision that would change current U.S. tax law to benefit domestic American companies by implementing a 15 percent Corporate Alternative Minimum Tax (CAMT) on foreign and American multinational companies with over $1 billion in profits that offshore profits to tax havens. The second is a reform of the $7,500 tax credit for electric vehicles (EVs) that would apply an effective tariff of $7,500 on every electric vehicle imported from overseas. If enacted, this EV tax credit reform will be the critical difference maker in ensuring we do not allow China to dominate our auto market.
Read more from CPA’s experts:
U.S. Solar Sector Gets Huge Relief in Inflation Reduction Act of 2022
Canada Supports Democrats’ Call for Effective Tariff Protection of North American Automobile Industry
Tax Provision in Reconciliation Bill would Limit Multinational Profit Shifting to Tax Havens
About CPA
CPA is the leading national, bipartisan organization representing exclusively domestic producers and workers across many sectors of the U.S. economy. For nearly two decades, CPA has advocated for the implementation of strategic trade, tax and growth policies that deliver prosperity and security to America, its citizens, farms, factories, and workers. We are a bipartisan coalition of farmers, ranchers, manufacturers, and labor organizations that make and grow things in the United States. Our members believe that America’s strength and well being is based upon growing America’s productive capacity and quality employment more than cheap consumption.
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