Bracewell’s Liam Donovan told The Washington Post’s “The Climate 202” that even if Republicans win full control of Washington in the 2024 election, they won’t necessarily seek to scrap all clean-energy tax credits, especially as the money keeps flowing into red states and districts.
“Just as a matter of good tax policy, you don’t want to go after things people have made long-term investments in,” said Donovan. “People are sinking billions and billions of dollars into clean-energy projects across the map based on long-term certainty.”
The clean-energy tax credits in the Inflation Reduction Act, which President Biden signed last August, were initially projected to cost $270 billion over the next decade. But recently, the nonpartisan Joint Committee on Taxation released a “very preliminary” new score of the tax credits, putting the cost at $663 billion.