Cortez Masto, Hickenlooper, Colleagues Urge Administration to Update Tax Credit Guidance to Support Domestic Critical Mineral Supply Chain

Letter

BREAK IN TRANSCRIPT

"As you know, Congress passed the Inflation Reduction Act in part to support the domestic extraction and production of critical minerals and materials, as well as the manufacturing of batteries and their components. The clear purpose of section 45X was to encourage investment in the United States and to build a reliable and resilient domestic supply chain for critical minerals right here at home. The section 45X credit was designed to support responsible domestic mining and processing of these minerals. As members of the U.S. Senate we want to clarify that the blanket exclusion of materials costs is not consistent with the intent of Congress and should be expeditiously revised.

Private companies are ready and willing to invest in extraction and production of raw materials right here in the United States, and do so in a safe and responsible manner through developed environmental protection and labor standards. However, by excluding the majority of the production costs from the 45X credit, Treasury would disincentivize investment in the United States, and also increase our reliance on countries that do not share our democratic or geopolitical values."

BREAK IN TRANSCRIPT

Source