News

The U.S. Treasury released its guidance for Inflation Reduction Act’s “45X” production tax credits.

U.S. Senator Marco Rubio (R-FL) released a statement on how the Biden Administration’s credit would allow foreign adversaries to profit from American subsidies.

• “The 45X tax credit, supposedly designed to fortify domestic energy production, has become a playground for foreign companies, including those with ties to Communist China. The Treasury’s guidance, conveniently blind to terms like ‘foreign,’ ‘China,’ or ‘national security,’ exposes a dangerous vulnerability in the Biden Administration’s radical climate agenda and highlights the urgent need for legislative intervention. 

• “My bill, the Protecting American Advanced Manufacturing Act, offers a straightforward solution: ensure companies owned or influenced by foreign adversaries are ineligible for taxpayer-provided benefits that are meant for American innovation and security.” – Senator Rubio

Flashback … Rubio introduced the Protecting Advanced American Manufacturing Act earlier this week to ensure that nations aiming to weaken the U.S., including Communist China, do not receive American tax credits.