Up to a trillion dollars in subsidies for low-carbon energy and related infrastructure are up for grabs amid the Biden administration’s push to transform the U.S. economy. The grabbing has already begun.
Up to a trillion dollars in subsidies for low-carbon energy and related infrastructure are up for grabs.When Congress passed the IRA, it was estimated that tax credits would cost taxpayers $271 billion.
Now, towns and counties in the U.S. are also eyeing a piece of the incentive pie, by seeking to attract low-carbon projects. One such project, the Wall Street Journalrecently, is Kontrolmatik Technologies’ battery plant, to be built in South Carolina, with the Turkish company eyeing up to $1 billion in federal tax credits over the next ten years.
“I’ll be honest, I have no idea what a gigawatt-hour is,” Colleton County Council Chairman Steven Murdaugh said in February at the groundbreaking ceremony for the plant. “But I do know what a $279 million investment will do for our county, and I know what impact 575 jobs will have on our community.” The latest addition to the ranks of transition business fruits is a digital marketplace for tax credits under the Inflation Reduction Act. Dubbed Crux Climate, the purpose of the company is to streamline businesses’ access to tax incentives.
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