Four Republican US senators back Biden-era energy tax credits

According to a Thursday circulated letter, four Republican senators have asked Congressional leadership to maintain energy tax credits that were included in the Biden era Inflation Reduction Act.

In a letter dated April 9, the four senators wrote to Senate Majority leader John Thune that the repeal of tax credits would harm investment, businesses and jobs.

The letter stated that "our country is blessed with abundant resources and an entrepreneurial mindset which uniquely positions us to drive both our economy as well as the world, enabling U.S. Leadership in Innovation, Energy Production, and Manufacturing alike." The letter said that "many of the tax provisions that enable this are from the Inflation Reduction Act."

Senators Jerry Moran from Kansas, Lisa Murkowski from Alaska, John Curtis from Utah and Thom Tillis, North Carolina Senator, signed the letter.

The letter was sent a month after a letter from 21 Republicans of the U.S. House of Representatives urging Congressional leaders to protect clean energy tax credit despite Donald Trump's promise to repeal climate-related IRA measures.

The House approved a budget on Thursday, which will allow them to bypass Democratic opposition in order to pass tax-cut legislation along partisan lines later this summer. The details of how the $5 trillion tax cuts will be paid for must still be worked out by lawmakers.

The letter stated that "We believe that the final reconciliation act can support smart policies to enable private sector investments in domestic energy, helping meet future U.S. needs for energy and strengthening the global competitiveness American companies," (Reporting and editing by Leslie Adler; Nichola Groom)

(source: Reuters)