WASHINGTON (AP) 鈥� Treasury Secretary Janet Yellen warned voters in the battleground state of North Carolina that they could lose jobs if Republicans weaken a signature Biden administration law that encourages investments in manufacturing and clean energy.
Yellen said that Republican-dominated states like North Carolina are greatly benefiting from tax incentives under the 2022 Inflation Reduction Act and that eliminating them would be a 鈥渉istoric mistake,鈥� in a Thursday speech a community college in Raleigh.
North Carolina has emerged as a key battleground this election cycle between Republican former President and Democratic Vice President , where Trump ultimately won North Carolina in the 2020 presidential election.
Yellen said Treasury data shows that 90,000 North Carolina households claimed more than $100 million in residential clean energy credits and $60 million in energy efficiency credits.
鈥淩olling them back could raise costs for working families at a moment when it鈥檚 imperative that we continue to take action to lower prices,鈥� Yellen said. "It could jeopardize the significant investments in manufacturing we鈥檙e seeing here and across the country, along with the jobs that come with them, many of which don鈥檛 require a college degree. And it could give a leg-up to China and other countries that are also investing to compete in these critical industries."
鈥淎s we see clearly here in North Carolina, this would be a historic mistake,鈥� she said.
Some Republicans have called on their leaders to reconsider repealing IRA energy tax incentives.
A group of 18 House Republicans in August to eliminate them.
鈥淧rematurely repealing energy tax credits, particularly those which were used to justify investments that already broke ground, would undermine private investments and stop development that is already ongoing," the letter reads. "A full repeal would create a worst-case scenario where we would have spent billions of taxpayer dollars and received next to nothing in return."
But Rep. Chip Roy, R-Texas, that the lawmakers who signed the letter want to 鈥減reserve so-called 鈥榞reen鈥� handouts to Democrats鈥� corporate cronies.鈥�
鈥淭he GOP must ignore K-Street lobbyists and refuse to fund the climate corporate cronies destroying our country," he said.
The Republican case against the Inflation Reduction Act hinges on the argument that the spending is wasteful and benefits China.
IRS data released in August states that 3.4 million American families have claimed $8.4 billion in residential clean energy and home energy efficiency tax credits in 2023 鈥� mostly towards solar panels and battery storage.
Fatima Hussein, The Associated Press
