Yellen Advocates for Inflation Reduction Act's Clean Energy Tax Credits in North Carolina

The Importance of Clean Energy Tax Credits

Treasury Secretary Janet Yellen on Thursday touted the successes of the Inflation Reduction Act's (IRA) clean energy tax credits during a speech at Wake Tech Community College in Raleigh, North Carolina. Yellen asserted that efforts to roll back these credits would be a historic mistake.

Yellen pointed to the 90,000 families in North Carolina who have benefited from the IRA tax credits, collectively claiming $100 million in residential clean energy credits and $60 million in home energy efficiency credits.

Impact on Families and Jobs

According to Yellen, rolling back these credits could raise costs for working families at a critical moment when it is essential to take action to lower prices. "It could jeopardize the significant investments in manufacturing we’re seeing here and across the country, along with the jobs that come with them, many of which don’t require a college degree," she warned.

Concerns from Republicans

While the IRA was passed without any Republican support, some GOP lawmakers have recently raised concerns about eliminating its clean energy tax credits. A group of 18 House Republicans urged Speaker Mike Johnson not to target the credits if the GOP maintains or expands its majority in the upcoming elections.

• Energy tax credits have spurred innovation and created jobs across the country.
• Repealing the credits could undermine growth in the energy sector.
• Investments have been made with the assumption that these credits will remain.

In conclusion, Yellen emphasized, "We must reverse the policies which harm American families while protecting those that increase energy independence and security for Americans."